Friday, November 28, 2008
Spending Black Friday DEBT FREE!!
According to Dave Ramsey and his Financial Peace University you're considered debt free once you're consumer debt is paid off (which includes lines of credit). Your primary home mortgage is considered a "good debt" because it is increasing in value with every payment. So besides our house, we are now officially debt free! We just paid the last $75.04 of our Line of Credit that paid for our roof two years ago. What a way to spend Black Friday - getting OUT of debt while in the comforts of our warm home instead of waiting in line out in the cold to get IN to debt! Thanks Dave Ramsey!!
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Way to go!!! That must feel great. I discovered Dave Ramsey last year and enjoy listening to him. His philosophy makes sense and it does definitely lead to financial peace. It was great to just write out checks for all my medical/pregnancy related bills this year without worrying about how much it was or where the money would come from. We were already debt free but now we have our 6 month emergency fund (your next step, right?). It grows pretty easily when you don't have debt payments. It is really nice when the economy is looking to get worse to have a big savings cushion and no debt. Are you going to call the show and yell "We're debt free!"? ;)
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