A Life Without Debt: Five Myths About Being Debt Free

Most people seem to have a lot of false beliefs about being debt free. They seem to think that those of us who are debt free never have to worry about money, or that we are somehow free from the concerns of everyday life. Some people work to become debt free because they believe that it will somehow solve all of their money problems and confer some sort of bulletproof status upon them. When they discover that the reality is somewhat different, they are disappointed and wonder why they worked so hard to become debt free if it doesn’t solve all their money problems.

Sure, there are some perks to being debt free and in a lot of respects a debt free life is a lot less stressful than one la


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13 Responses to A Life Without Debt: Five Myths About Being Debt Free

  1. ParisGirl111 says:

    I think it’s a common misconception that people that are debt free are rich. However, to someone that is in a great deal of debt, people that are debt free have much more extra money every payday than someone making $700 in credit card payments every month. So, on that side of it, yes, they do seem to have it made. However, it does take time to build savings and allow the interest on investments to benefit you. Time and being debt free equal being rich. :)

  2. johnny davi says:

    I love your points, great article, i am personaly debt free, taken and unconvential approach to it.I worked for a company that went bk, in turn causeing me to get evicted, repo the car 10 cards charged off, ironically I became a collector for the next 5yrs and learned the laws and how to lose myself now I am a Sr. Financial Counselor in debt management as well as and advocate for financial litercy. I must agree these are great myths but at the end of the day CASH IS KING! I am not ricch and have to make important decisions on money(single income, 3 kids,wife is stay at home) My rent is 1800 alone so well written come check me out i speak on finances,parenting and life

  3. Forest says:

    I actually just see debt free people as careful people with the right mental attitude. I am not debt free but do intend to be one day asap…. When I am I realise it will be a constant struggle to be debt free and sometimes I will have to do without!

    Great post.

  4. teresa says:

    I am making the last payment on my house today!! I want to shout it from the rooftops! But it wouldn’t have been possible if I had bought a big house I couldn’t afford. We have friends that have big houses, new cars, boats, and RV’s plus eat out all the time, my husband sometimes wants that lifestyle until I remind him of all those lovely payments they have.

  5. Lillie says:

    Well, before I make the statement again, “If I were debt free…” I’ll stop first and reconsider the myths that you pointed out. I never considered the flipside but will definitely prioritize some areas in my life to getting where I need to be to achieve some debt-free goals.

  6. Jackie says:

    Clinging to such myths, especially the myth that you have to be rich to be debt free, is how some people justify giving up on achieving a debt free life. One of my coworkers said almost exactly that same thing, said “I could be debt free too if I were as rich as ______.” I tried to say it was his own choices that keeps him in debt, but he doesn’t want to believe that. It makes him feel better to think his debt isn’t really his fault, it’s just his bad luck to not be born into money (or get the lucky breaks that others who have money must have gotten).

    It makes me sad to see an otherwise perfectly capable person handicap themselves in that way.

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  8. Mike says:

    Thank you all for that reaffirmation in American financial confidence. My wife and I have three children and only owe money on our house; we have only ever paid 23cents to a credit card for interest (due to a late payment) and use them to get us free trips to Canada to visit family. My grandmother and wife’s parents taught us the time value of money long before we ever hear of Dave Ramsey or debt counselors; the great puritan work ethic and drive to avoid the overhead cost of mortgaging our livelihood by living without certain things is mostly where we offer credit for our thought patterns; this experience gives me the confidence to help others manage their current financial situations while building financial insulation for the future.

  9. ThiNg says:

    LOL, this article reminds me of the same arguments I hear about losing weight and being in shape. You never have to worry about what you eat! You never have to go to the gym! You must have perfect health! You never have to worry about your health!

    Bottomline, you only succeed in things that you work hard at. Easy as that.

  10. Robert M says:

    Great Points!!!!! We will have the house paid off in 3 years and 10 months..or sooner.
    I disagree with the FICO score. We will not pay interest to build our Fico score or play with the credit card industry. So be it if we pay extra for car insurance. If an employer refuses to hire me because I am debt free and responsible with money, and no or low FICO score, I am better off not being hired. I do not want to work for someone who is not able to think rationally.

  11. Mick says:

    The grass always appears to be greener on the other side. I guess the only real change is how you view your life, and not just focussing on getting rid of debt.

  12. Larabelle says:


  13. Alex says:

    This article is kinda crappy. First of all, it says debt-free does not eliminate your worries for becoming unemployed or lose your job. Yeah right! If you have your house paid and have some emergency funds, you’re not going to worry to much about the bank taking your house. If you had a lot of debt on your house and you are paying $1,800 or $2,500 a month for your McMansion, you’d be worried you’ll be living the in the streets. Not happening – if your house is paid.

    And whoever said people have to be rich to be debt free and have no budget. Being debt-free is a step-by-step process of eliminating debt, and people who are debt free knows how to budget and pay-off their debt. C’mon this article is a joke.

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