Debt Free

Debt Free
Debt Free

Being completely debt free means simply not having any debts to pay back, and technically this would mean being in a situation where you owed not a scent to anyone. However despite this, the majority of people would consider having only a small amount of debt as being debt free where it was expected. For instance someone who only owed money for their mortgage, or a student loan, might still class themselves as ‘debt free’ – as might someone who had purchased something on finance or who had just a little credit card debt left to pay. Under the very most rigid of definitions, very few people are ‘truly’ debt free. Nevertheless, those who are currently struggling with their debt would be happy with any measure of freedom from debt.

So what does it really mean to be completely debt free? The repercussions it has for the rest of your life are  greater than you imagine and it can feel truly like a burden has been lifted. Here are just a few things you will notice about being debt free:


  • Your money is your own – the amount of money you have in the bank is the amount of money you have.
  • You can start building up a savings account and earning interest when you are debt free – as opposed to gaining interest on what you owe and losing money
  • You will have no sense of guilt – and you can spend your money without debating with yourself as to whether you can really afford it
  • There is no stress with regards to debits coming out of your account and no risk of bank fees
  • You will have an improved credit rating and when you do need to take out small loans in future you will be met with no opposition
  • You will own all of your own belongings and have no fear of repossession


This is just a few ways in which being debt free is liberating, but the sense of achievement and peace of mind that comes from paying every last debt will effect you in more ways still. It also means you are much safer and financially secure so that you can finally start planning toward your future. Being in debt is a serious risk, and it is something that by its very nature will often tend to gain momentum. By being debt free you can stop this self perpetuating vicious cycle and begin to build your finances up securely once again.

9 thoughts on “Debt Free”

  1. It is absolutely fantastic to be debt free! Trust me! I took a couple of loans. I strived for years to pay them back. Now I am debt free and can live my life without much stress. I even started saving some money.

  2. I am debt free. I am one of the happiest people in the world. I have what I want, a family, a decent house, a decent car. I took no loans. I just worked and worked until I had what I have been dreaming of. So I fully agree with Michelle! Being debt free is GREAT!!

  3. I have a couple of friends that are debt free. I would love to be debt free too. Too bad I have 2 loans to pay back and it will take a couple of years to get rid of them. But I am sure I made the right decision when I took the loans. In my opinion, it is okay to be in a little debt, but only when you are sure you can pay the money back without problems.

  4. There are only a few people nowadays that are debt free. Lots of people could not resist and took loans. Did not matter for what. Maybe a new car, a new house, a cool TV etc. I feel bad for them. For me too, as I am not debt free either. But my loans were taken to start a business.

  5. Debt free means no worries at all. If you have a kid, you only focus on him. Debt free makes your life a lot easier. At the moment, I have no debts to pay. But in a couple of months, I will be one of those stressed out by loans.

  6. My only debt right now is my home. And that is something I have to have. I could not imagine having loads of debt. That would be so scary.

  7. Being debt free does make life easier. I have no debt. I live in an apartment that I rent and my car is paid off. It feels really good to live like this.

  8. I’m debt free. I’ve always been debt free. I was taught to not make any debts. If you cannot afford something, then don’t buy it! You can buy a thing only when you have money.

  9. Being completely debt free means simply not having any debts to pay back. How good this sounds. I haven’t been debt free since I was a kid. Growing up comes with many responsibilities. Responsibilities come with debts. This is a cycle.

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