In my life I have never known anyone that has lived their life debt free. Is it even possible on our credit based society/economy?

Discuss

Of course it is. When I worked at this summer camp, there was a good 1 school year where I had no debt. I didn't have to pay for anything. Every week I got delicious vegan food, a bed, good weed, about $390 and a free ride to Portland on the weekends.

Hippy.......

It's possible, although most people find it easier to get a loan and buy a house, then pay that debt off. You could live in an apartment until you saved up the cash though.

Mortgages are usually the better way to go aswell. Most of the time, payments on a house (depending on the price) are cheaper then rent. In other words the loan would be smarter.

I've been debt free for the past 10 years. It's very possible. The biggest downfall is what was mentioned earlier...getting a house. I always live in rental property but if I wanted to buy a house then my debt-free run would be over.

Keep in mind that (in the US anyway) having no credit record is as bad, and in some cases worse, than having bad credit. It's fucked up and makes no sense at all, but that's the way it is in our capitalist society. It's like being punished for being responsible with your money and not living beyond your means.

The best way to stay out of debt is to tell the credit card companies to fuck off.

Not only this, but you would be building equity, rather than just throwing your rent down the drain.

It's hard to live debt-free. There will be a time in life when you'll need the instant gratification and you just can't wait around forever to save up for something.

The only bad thing about mortgages is that you'll end up paying more than the principal amount in interest alone throughout the term of the loan. The plus-side is that your house value will probably double during that time, so it'll be good when it's time to sell (assuming we aren't in a recession).

No way are you going to pay less for a house than an apartment. What makes a house better is the equity you build while paying for the house. Can't do that with an apartment.

Dude. I go to Lewis and Clark. Where in Oregon?

Of course it's possible to live debt free but debt isn't a bad thing. If you take out a loan for an asset that increases in value over time (business / house) or if purchase an item which allows your income to increase over time (education / computer) then debt is great.

Taking out a loan to buy a wide screen tv with surround sound is the problem with most people who have debt problems...