I saw this thread on MSN Money & I just HAVE to comment. It was interesting to read the replies over there. I really think it is both an easy and tough question.
First it brings up the question, what do you consider debt? I am proud to say that I have no credit card debt, no auto loans. But I do have a mortgage and 2 student loans. So I like to say I'm credit card free 
Ultimately, I want to save for retirement and pay down my obligations, no matter what 'type' of debt they are.
The reason I want this is because I want to be independant and responsible. I grew up watching my parents have money problems and watching my Dad stress over money matters. Since I was a teen, he's said over and over to 'watch out' for credit cards. So I've always had a healthy respect for them. I've used them smartly & don't carry balances.
A significant factor to my attitude about money and debt is rooted in my parents financial instability. As I've gotten older, my father has carried on many conversations about their financial situation. To tell you the truth, he's put the fear in me. I worry about how my parents are going to survive in their later years.
The worst of it is that about 15 years ago, my fathers best friend committed suicide over financial problems. He had large amounts of debt and was so overwhelmed he committed suicide, leaving his wife and two daughters to deal with both the emotional and financial aftermath.
The situation hit my father hard and when he started talking so negatively about their financial situations, I actually worried about his emotional and mental health. I did talk to him about it. I told him it was scaring me and we had a in depth talk about his retirement savings, which is VERY healthy. I feel better about their situation now.
But I will NEVER forget that worry over my father & I want to make sure that I will never be in that position. I've taken on some debt to reach certain goals-- student loans to get multiple degrees and the mortgage to purchase my home. I'm doing everything possible to incurr no more debt.
But that feeling of fear will always remain with me and that is why I want to get out & stay out of debt.
Why do you want to get out of/stay out of debt?
February 9th, 2007 at 11:42 pm
February 10th, 2007 at 01:13 am 1171070008
February 10th, 2007 at 01:13 am 1171070031
I have a friend who will probably never be able to retire, because she has too much debt, and has not saved for retirement.
February 10th, 2007 at 02:09 am 1171073395
February 10th, 2007 at 04:20 am 1171081242
February 10th, 2007 at 02:39 pm 1171118348
February 10th, 2007 at 03:56 pm 1171123008
February 10th, 2007 at 05:06 pm 1171127184
February 12th, 2007 at 03:53 pm 1171295586
How bad is it for your father's best friend? I'm just wondering because I can't imagine how bad it is for a man to actually choose suicide just to get out of it? I might've been "OK" about it if he wasn't married and had kids. How terribly wrong it is to cause that kind of trauma on his family. I'm sorry, but I don't like that at all....
What about your father? I don't know if it's appropriate to ask, but how bad is it to have him spooked like that? I am glad to hear that your father has a healthy retirement fund though.