On being Debt-Free

I happened over to pfblogs.org and happened to notice a post by Mighty Bargain Hunter( who has recently joined the Money Blog network) entitled “Why is being debt-free so unpopular?”. I just couldn’t resist commenting. At the end of the post, MBH asks a question and that is what I will address here. The question?

If you are trying to become debt-free, why? If you’re not, why not?

Well, I am far from debt-free. I have 5 figure college loans hanging around and low 5 figure credit card debt. Add that all together with a mortgage and everyday expenses and you have one very not debt-free scenario. Short of it is that I am trying to become debt-free. As hard as I can. There are days that it seems impossible.

So why do I want to become debt-free? One of the tenets of this site has been to learn as much as possible about personal finance and how to improve the way we all operate our finances. I began rather poorly early in my financial life and as a result, I have a mountain of debt that I must get rid of. When I add up all the interest that I pay on a monthly basis, it could very nearly pay my mortgage payment. That makes me sick. Slowly but surely it will go away and as each debt goes, my available cash for investment and true wealth growth increases. That is why I want to become debt-free.

Thanks for the topic Mighty Bargain Hunter!

[tags]Debt, debt-free, interest, credit card[/tags]