Re: "What is 'your' definition of Debt-free? This is our situation, a financial quest
To me, being "debt free" means the following: having no revolving credit card debt, having no monthly automobile payments, having no student loans, having no mortgage, and having no other such liabilities
Items such as paying for your children's college tuition while they are in school so they do not have debt when they finish I would not consider "debt", as this is just a worthwhile expense.
To be in a situation where you have zero mortgage debt, no student loans, no credit card debt, all cars paid off, etc, is a great place to be.
Personally, for me, as someone who is in his early forties with 4 children, whose only debt is a mortgage and my student loans and an acceptable amount of vehicle debt with the number of vehicles I have had to purchase for my family, I am happy with that. I remember Larry Burkett once said "You cannot use a credit card wisely, you can just use one less foolishly". If you don't pay any interest to the credit card companies, then you're winning. I do not think I will be "debt free" for many years, as I expect to be paying on a mortgage for the foreseeable future. The real question is do you have money left at the end of the month and whether or not you're living within your means. Every situation is different. I once had credit cards, thru college, and afterwards, and it took me years to pay them off, and I vowed to never own one again.