My wife and I have no credit card debt — hell, we have no consumer debt at all, from any source — we own our house outright (i.e., no mortgage or home-equity line of credit), and we live within our means. It’s that simple.
Same here. Own the house, no debt. We’re both retired and don’t need a lot of fancy past-times. It’s very easy to live on a retired persons’ income. Your needs are few (you’ve got all of the material things you want) and you really spend very little. My greatest expense is helping out the kids, even though they don’t ask for anything.
My wife and I have no credit card debt — hell, we have no consumer debt at all, from any source — we own our house outright (i.e., no mortgage or home-equity line of credit), and we live within our means. It’s that simple.
The problem is we will have to pay to save these leeches
I will likely be abnormal here on FR. I have almost exactly $1 million in debt (main house, 3 rental houses, small amount of other debt). However, my assets are worth close to $2 million. Also, my weighted average interest rate on the debt is less than 3.5%, it reduces my taxes owed, I get nice rental income and I don’t have all my eggs in the stock market. My goal is to have my assets worth $4m and no debt in about 10 years so I can retire at 45ish. Debt can be a tool if used widely, but 90+% of Americans do not use it wisely.