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Being Debt Free — What is it all about?

What is it “Debt Free” actually? The name can be seen almost everywhere — on the web, in newspapers, ad campaigns, and what not. But at the same time, a lot of people get the wrong idea about the whole concept. This idea ranges from trying not being in debt ever again to using proper money management to control debt. So, there are various ways of defining the term “Debt Free”.

Financial experts who stress on the most appropriate definition believe that “Debt free” is all about not getting into debt ever again. It’s about getting the debt paid off and never taking out a debt again. However, avoiding debt totally is not practically possible these days with so many new stuffs to buy showing up all the time. While it may be a doable idea for some, it is completely impossible for most of the common people in our world.

By never taking any debt in your whole life, you may have a peaceful existence, but you will never enjoy the small pleasures that life has to offer. This includes buying goodies on the web, building a home, getting a brand new car, going on a picnic, and all that. This also includes certain things that you can’t do without, like paying for your children’s education or spending on medical emergencies. So, instead of trying to say no altogether to debt, you should start thinking about moderating your debts into something that can be managed easily.

Above all, you should learn to differentiate between wants and needs. You should always give priority to needs. You don’t have to give up your wants totally, but you just have to put them in their place. You should ask yourself whether a certain stuff that you are planning to buy is affordable for you, and whether you really need it. Debt free is also about having credit on hand, using it sensibly, and planning your savings. By doing this, you will not only have a peaceful life but also enjoy life’s goodies.

Thus you can surely make use of credit and still live debt free. Just make sure you regularly do an online credit check and that you borrow with sensibility and moderation. In this way, you can also enjoy ease of credit. There would be less of a chance that you will be without money in an emergency or when you get a great purchase deal that you can’t afford to miss.

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May 21, 2010 um 9:32 am
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