I am rapidly moving towards having NO debt. I pay off my car in a few months. I have no mortgage, my credit cards are paid off (FINALLY!) and I pay cash for everything. At one time, I thought I wanted a mortgage, but I am perfectly content renting.
But in a weekend discussion with friends, I was told that is worse than having too much debt...that over time, my FICO score will plunge and I'll be in the same boat all over again...
I just tunneled out of more than $50,000 in medical debt that forced me into bankruptcy, and I emerged ticked off enough that I won't sign a contract, or commit to anything that will put me into debt.
So what is true? Debt or no debt?