Posted on 01/01/2013 8:04:29 AM PST by Kaslin
We too are completely debt free (paying off all debts after 5 years of work!).
As another example of what it is like on Step 7. You save for what you need and then you bargain with leverage. We needed a new roof, siding and garage doors. All looked terrible and were just about completely worn out.
'Normal' would have taken a Home Equity loan and been dumb with Debt. But we started a 'RoofSidingGarage' savings account with automatic deposits and started dumping as much as we could; just as if paying off debt (except for the beans and rice). The three held up for a year and a half and we saved up $17,000 for the project and just got it done.
This is definitely "Weird"!
Here are some photos if you would like to see: https://www.dropbox.com/sh/1744ljejwloa73o/Hx3BUHR1au
Great job! I bet you were able to negotiate a great deal too!
I’m with you about paying it off, only I’d call to negotiate it down, then get rid of it. With his small salary, I’d want as few monthly payments as possible. And if something major goes wrong that *has* to be paid, I’d rather not have the hospital bill hanging over my head.
Another option would be to negotiate it down, then pay it off over 3 months, not 12 or 24.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.