Is debt free really good?
Nobody loves debts (do tell me if you think otherwise) and everyone I know is always trying their best and working hard to be debt free. And for some, that is one of the 2 main reasons they work so hard everyday (another reason is to survive).
My question to them – after becoming debt free, what’s next?
And I believe that is a very important question one should ask oneself. Why are you working so hard to be debt free? What are you going to do once you have the extra cash after finish paying the housing loan or car loan?
You know what? Some of the people I’ve asked, they told me that the reason they are working so hard to finish their current loan, is so that they can take up another loan for a bigger car or a nicer house.
Hmm…so they want to end the current loan…so that they can re-enter the very same vicious cycle they are trying to get out from? What’s the difference then? The cycle will never end if you plan to do it that way.
That’s why in my humble opinion, being in debt is OK and it’s not that bad provided you can still live comfortably in this world. Why? Because living in this world, it is very hard for someone to be completely 100% debt free. Therefore, depending on what is your end goal, debt free can be good or it can mean nothing at all.
Last but not least, stop cursing your loans and banks and keep praying that you can be debt free….if all you want after that is to get on another debt.
p/s…. i also notice that the older you are, the bigger your debt will be. So the debt you have while you are in your 20s could be significantly lower than the debt you acquire in your 40s (inflation, more commitments, etc). So, getting rid of your lower debt (the one from the 20s) and getting on a larger debt (the one in the 40s) is not an entirely smart move.
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Comments
I think it’s time people reflect on the reason for their existence in this world.
It’s time to start questioning why the system works the way it does, enslaving people to debt.
Material wealth is not everything and chasing after it while neglecting your spiritual progress goes to show how people are wasting their lives to only make more money and don’t give a damn about anything else.
If the system collapses oh boy everyone’s going to have a rude wake up call to the false reality they were brought up in.
@ lightworker
Yes, I do agree that material wealth is not everything because after acquiring all of them, there will always be something else that you want and you end up not happy. Live within your means and be content with what you have.
System collapses? Mmm, I thought it already did in US. 
I know someone who loves debts – loan sharks and banks that weren’t trading subprime mortgages at Wall Street when it crashed.
To answer the question, yes I think being debt free is really good. Its fun not receiving a bill every month when others groan about it. That is why I don’t use my credit cards. I don’t even owe rent and utilities because I pay them in advance.
Can someone on a normal salary live a debt free life? I say yes, even to the extent of growing his own food. The question is, would anybody want to? Its troublesome, its not fashionable, and the girls will run away from you. So to prevent that, we sign up for a loan and trade future suffering for instant gratification. Buy now, pay later.
I dunno, maybe its just me but if being in debt is the cause of so much suffering, than I can only conclude that being debt free is really, really good.
@ Damien
As I mentioned earlier in the post, I believe debt free is neither good nor bad depending on the individual. For you, I do believe it’s good but for someone else, it might not because to that person, the objective of becoming debt free is to get another bigger debt – maybe as you said, to please the girls.
The point here is that one should always know why is the reason that he is working so hard to be debt free (everyone is doing that, but the reason behind it differs).
I think it is a question that whether we have good debt or bad debt. Having good debt is healthy, so we don’t really need to 100% debt free.