Am I Truly Free from Financial Bondage? A Life Without Debt

I talk a lot about being debt free, but recently this question came up amongst friends: Am I as free as I think I am? I have no debt of any kind, so I am free from obligations to creditors. The bank cannot come take my house if I don’t pay my mortgage, my car can’t be repossessed by the financing company, and the credit card company cannot harass me for payments. I own all of my stuff outright. In that sense I am free.

However, I am not free from financial obligations that may mean the loss of my stuff. If I don’t pay my property taxes, the county can take my house or car. If I don’t pay my income taxes, the IRS can take almost anything they choose. If I don’t p


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5 Responses to Am I Truly Free from Financial Bondage? A Life Without Debt

  1. the money paradise says:

    Debt is one of the most dreaded financial instrument till the date. it feels good when taking but it is consuming while repaying.

  2. Stephan says:

    Couldnt agree more with your post. I have no debt, but have noticed since i moved into my own place just how many different fees, taxes, and charges there are on a daily basis. I guess its just something that college did not prepare me for, but I am certainly learning now just how important that emergency fund can be in case i lose my job!

  3. Susan says:

    Such a good point. Maybe as more and more of us become debt free, we will be more aware of how much we pay in taxes and people will not allow lawmakers so freely to take our money.

  4. Gail says:

    Oh the joy of property taxes! Don’t know about other parts of the country but here in mine, not only are income taxes due in April but also property taxes. Fortunately we had the money to be able to pay and get the 2% ‘early’ payment discount. But you are right in that there will always be bills to pay, but not having debt means that that money can be set aside until needed for bills. Although we had close to record snowfalls this year at least I didn’t have to have heart attacks with every propane fillup this winter as we had had enough to prepay for the fuel before winter hit and in the process saved between $700-800 for the winter. This is something that you can’t do when you are maxed out in debt and that is taking advantage of prepays and early payment discounts, unless of course you are dumping it all on a credit card and then the interest will wipe out any savings.

  5. Augustine Arize says:

    This is a nice and thoughtful post, and I wholeheartedly agree will the fact that we are debt-free doesn’t mean that we have made it. We always have debt to pay. Maybe someone could come up with a more acceptable terminology. I really like this post because it is based on deep analysis,hence much more realistic. I am very impressed Sadie’s thought process. Debt-free is placed in context or qualified. This is an A+++ work.

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