Your Questions About Debt-free

Mark asks…

What are the advantages/disadvantages of a debt-free interest-free monetary system?

John answers:

Being debt-free is a function of sound fiscal policy, not monetary policy.

… Unless you’re think the government should just print money to pay expenses. In which case, you’re advocating a recipe for hyperinflation.

Interest-free monetary system? The result would be that banks would not lend out money (why bother? No profit). And rather than pay you interest on deposits, they would charge you to keep them, and on every check you would write. That is how checking was before 1980.

Sandy asks…

If you became debt-free, what is your story?

John answers:

To become debt free is really is simple. But it will require hard choices.

You need to spend less then you earn. You need to look at every purchase and decide if you really need it. Need is NOT the same as want.

Pull your credit report for free.

Look at the credit report and see if there are any problems. If so, work on fixing them.

If you have debt, start paying it off. Even if it’s just a little at a time.

STOP USING YOUR CREDIT CARDS. Pay cash for everything.

Try to save at least 10% of your gross income.

If you are paying off debt, you also need to save.

If you have to, get a part time job and use this money just for paying off the bills.

Paul asks…

Does anyone know about the debt free site

Or other debt free sites that really do the job

John answers:

99.99% are scams, they will charge you an enormous amoutn of money and then do little for you except make your credi even worse.

To get debt free you either file for BK and let the rest of society pay the debts you ran up or you pay off the bills, negotiating for a lower amount anywhere you can do it.

Get your 3 major credit reports and fine tooth comb them for errors then dispute errors and negotiate the rest of the debts owed remember the SOL for remaining on your credit reports and your STATE’S SOL (statute of limitations) for collections.

Good luck

Donna asks…

are you debt free??????????????????

John answers:

No one is debt free in America.

Robert asks…

Is anyone really debt free with a Financial Peace University Class?

Please tell me a small story if possible?

John answers:

Nobody has answered yet, so I’ll give it my best…

We haven’t attended the FPU classes, but have read all of the books and follow the basic principles. While we aren’t debt free YET, we will be by the end of the year.

We started in November with $35K to Uncle Sam and $19K on a car loan. As of today, we only owe the gov’t $17K and $12K on the car.

So yes, you can definitely be debt free with FPU as long as you do what it takes to meet your goal!!

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