Hi Everyone. Well, after 15 years the RV-Dreams Community Forum is coming to an end. Since it began in August 2005, we've had 58 Million page views, 124,000 posts, and we've spent about $15,000 to keep this valuable resource for RVers free and open. But since we are now off the road and have settled down for the next chapter of our lives, we are taking the Forum down effective June 30, 2021. It has been a tough decision, but it is now time.


We want to thank all of our members for their participation and input over the years, and we want to especially thank those that have acted as Moderators for us during our amazing journey living and traveling in our RV and growing the RV-Dreams Family. We will be forever proud to have been founders of this Forum and to have been supported by such a wonderful community. Thank you all!!

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Post Info TOPIC: Zero dollars in credit card debt!!!


RV-Dreams Family Member

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Zero dollars in credit card debt!!!


What a great feeling.  All the revolving lines of credit paid off just one truck loan and one fifth wheel loan to be paid off from proceeds of the house sale and everything else we save between now and the end of the year!!!  



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 Trace 

Ford F350 Super Duty 4x2.  Open Range 386FLR

Follow our journey at www.camperchronicles.com

 



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thats a feeling that can only be matched by the day you pull out of the driveway!!!............Congrats!!!!

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Woo Hoo!!!smile Debt free is the preferred way to go for maximum peace of mind when it comes to money matters.



-- Edited by biggaRView on Thursday 20th of March 2014 07:11:36 AM

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Brian, Cindi & Josie (our fur baby)
2017 RAM 3500 Laramie 4x4 CCLB, CTD, Aisin, B&W hitch, dually
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Way to go, Trace. It was such a wonderful feeling when I got rid of that debt this year and only have my MH payment left. They will go away when the house sells as well. Still need one credit card for reservations, etc., but I certainly don't need to buy anything on credit ever again. I'm working as hard as I can to get rid of things!!

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Cindi



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Congrats!!!! Fantastic feeling!!!

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I don't know your financial situation but some times it's ok to carry some debt. Right now loan interest rates are low. You might be better off investing the proceeds from your house and continue your payments.
It might be nice having the money in a appreciating investment instead of a depreciating one.


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2014 Phaeton 42LH

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Trace,

What a great feeling to be debt free! The day we paid the house off was one of the best days ever! We do keep credit cards but pay them in full every month! HATE paying interest, although I agree with Selah, we actually looked into financing the 5er and even the truck and investing it, as interest rates are so low - but being debt free won out!

Sounds like all is falling into place! When do you get your Open Range?

Kelly

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Whoo Hoo!! The day our house proceeds hit the bank and I paid off the truck and 5'ver loan was truly an exciting day. Of course it was also fun to look at the bank account levels before we paid off those loans, we've never had that much in checking beforesmile  We haven't carried a credit card balance for years, so once the house sold we were truly out of debt, feeling so FREE!!!



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FT - July 2013

 

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We, too, are debt free. Including truck and fiver.

We do keep a credit card and put almost EVERYTHING on the card. Then at least once a week I go online and pay off everything I've charged in those last few days. Have not paid a penny interest in over 4 years. I do this because we receive points toward gift cards. Since we love to eat out I use my points for Applebees, Chili's, Red Lobster, Olive Garden, Pizza Hut, Outback, etc.

Even when we bought the truck we put $20,000 on the credit card. Took money from savings four days later and paid it off. That gave us $200.00 in gift cards. Did the same when we put a $10,000 down payment for the Fiver in August.

The only time we do not use the credit card but instead the debit card is when we need cash. Will use it at Walmart or grocery store and use the cash back feature. We like a small amount of cash in our wallets for small items such when eating out. We leave the tip in cash because we know the server does not get the full amount if the tip is included on credit card.

I so much agree. It is a great feeling to be debt free!

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Phyllis and Leonard

2011 F350 King Ranch Dually    2016 Ford Escape

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OK, maybe this needs to be a separate thread, but servers don't get the full tip if we pay it on credit? That will change a habit for us if true, didn't know that and we feel the service at restaurants / hair salons / etc. is worth the tip if good, so we don't intentionally penalize the employees.

We use a card for miles, have enough to pay for next winter's miles to get us on our cruise, but don't want that at the expense of the hard working service folks.

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FT - July 2013

 

2010 38TKSB3 DRV Mobile Suites

2012 Ford F450

 

Dale and Ruth Travelling with Tazzy Kat!

 

IMAG0142_zps070d30d8.jpg

 

 

 

 



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phyllen wrote:

We leave the tip in cash because we know the server does not get the full amount if the tip is included on credit card.


 Why don't they receive the full amount? 

Gino



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Great news Trace! We're still on track to being debt-free when we hit the road next year and it seems like the closer we get the more I hate paying that interest! Congrats on a milestone accomplishment.

Jodee

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TheNewhalls wrote:
phyllen wrote:

We leave the tip in cash because we know the server does not get the full amount if the tip is included on credit card.


 Why don't they receive the full amount? 

Gino


 Most chain restaurants put tip money into a pot and split it with the wait staff, bussers, kitchen help, etc.  If you want to reward individual excellence, cash tips go a long way to accomplishing that. But then, that is a whole different topic than this thread.



-- Edited by biggaRView on Tuesday 18th of March 2014 04:47:25 AM

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2017 RAM 3500 Laramie 4x4 CCLB, CTD, Aisin, B&W hitch, dually
2020 Keystone Montana Legacy 3813MS w/FBP ,
MORryde 8k IS, Kodiak disc brakes, no solar  YET!



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Couple of things

1. We do the PDI the 29th on the fiver
2. We use Amex for the points charge then pay it off although it isn't taken everywhere I agree those points add up
3. In most restaurants credit card tips go to the individual server. Both my diaghters work in restaurants currently and their is no pool
4. Thanks for all the encouragement lol

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 Trace 

Ford F350 Super Duty 4x2.  Open Range 386FLR

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Trace wrote:

In most restaurants credit card tips go to the individual server. Both my diaghters work in restaurants currently and their is no pool


 That's what I thought. When we have a really good experience with a waiter or waitress we will tip in cash. It's money in their pocket right away and it's unrecorded (or so I think). smile



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All businesses have to pay a charge for using the credit card. I am not sure what the % is. I am thinking either 2 or 3%. When the business receives the funds, the bank that holds the card deducts that percentage. Therefore, the server loses a percentage of the tip.

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Phyllis and Leonard

2011 F350 King Ranch Dually    2016 Ford Escape

No longer own an RV.   No need.  No longer RV.

 

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phyllen wrote:

All businesses have to pay a charge for using the credit card. I am not sure what the % is. I am thinking either 2 or 3%. When the business receives the funds, the bank that holds the card deducts that percentage. Therefore, the server loses a percentage of the tip.


 The percentage the business has to deal with is the cost of doing business and shouldn't come out of the tip. If they are that's a rip-off. 

.......Sorry for adding to the "Derailment"



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Trace, congrats on being debt free! We close on our house tomorrow and plan to use the funds to pay down our debt, but we will not be debt free for a long time. We will be working on the road and hopefully paying it down as we go. You are in a great position!

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Jo & Ben

2014 Arctic Fox 32-5M  5th wheel pulled by a 2014 Ford F350 DRW

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Selah wrote:

I don't know your financial situation but some times it's ok to carry some debt. Right now loan interest rates are low. You might be better off investing the proceeds from your house and continue your payments.
It might be nice having the money in a appreciating investment instead of a depreciating one.


 

 Congrats!!! It's always a good feeling to have things paid off. But I also agree that the blanket statement we hear so often of paying cash for everything to remain that way is the only way to go may NOT be the best choice every time.

 Like Salah said, interest rates are low and money in the market just might make you more money in the long run. Just be open minded.

 I am in no way taking away from the fact that being dept. free is a great feeling.



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My personal feeling on this is it is awesome to be totally debt free especially in retirement. The only problem I have with borrowing money is having no income. I like the freedom of being able to change whatever expenses to match the amount I want to pull out of my life's savings. And they are now truly "life savings" since when they are gone they are gone! I have no intention of working again (for pay at least).

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Jo and Ben wrote:

Trace, congrats on being debt free! We close on our house tomorrow and plan to use the funds to pay down our debt, but we will not be debt free for a long time. We will be working on the road and hopefully paying it down as we go. You are in a great position!


It's likely we won't be 100% there Jo and Ben...but as close as we can.  It's funny because I was adamant early on we needed to be 100% there but now with such a low RV monthly payment I could live with taking some debt with me out on the road...my priorities are changing...see I can be flexible lol 

 



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 Trace 

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folivier wrote:

My personal feeling on this is it is awesome to be totally debt free especially in retirement. The only problem I have with borrowing money is having no income. I like the freedom of being able to change whatever expenses to match the amount I want to pull out of my life's savings. And they are now truly "life savings" since when they are gone they are gone! I have no intention of working again (for pay at least).


 I like that mindset.



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RV-Dreams Family Member

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I also agree that being debt free is best if possible. I can give you this weeks example of why that might be true.

We returned to the RV from our Winter adventures in Mexico to find a few problems that required cash.

1. Dead house batteries. $260.00
2. Fridge not working correctly. $140.00 (more $ to come)
3. Slide awnings need replacement due to Arizona wind storm this last Fall. $337.00

$737.00 gone pretty quickly in a few days. Best to be debt free and have a reserve when "stuff happens".

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Congrats!!

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I agree that being debit free can be a great way to go.

BUT, at times some get to be zealots and may give some the impression that others are somehow inadequate because they can't pursue their dreams without incurring some debit in order to get on the road. Even worse, some may only have a limited period of time before infirmities or death takes them - how sad it would be that they never get to make the memories because of advice they got that they HAD to be debit free in order to enjoy this lifestyle.

We financed part of the price of our coach because our investments (in tax free accounts) make more each year than what we paid in interest, and we didn't incur the huge tax bit that would have been required to pull out the money all at once. Everyone situation is different.

Barb



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We are not debt free, but we do have a budget and live within that number. Its all about the priorities you want. Something to remember too, no lawn maintenance, mowers, gas, weed eaters, etc.

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We were fully prepared to go into full timing debt free but when we met with our financial advisor he felt that our interest rates were so low (1.95% on the truck and 3.95% on the trailer) that our money was better off working for us. So far this year that approach is paying off and we can deduct the interest on our trailer.

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Really interesting comments and I appreciate he perspectives. I agree with Barb that being totally debt free shouldn't be the only thing standing in your way to the point where you never get out there. For me the middle ground would be to have debt but have enough savings to make at least a year of payments in case something happens where income on he road isn't enough to cover it. Plus contingency for the breakdown. Our target is $30k in savings before we go on the road. I know that's a lot for some folks but I get super nervous when I don't have money in the bank. Just me but thanks for he other perspectives.

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I think the theory to being out of debt would be for those that are "Retired" and no longer working....I know that being out here on a speculative budget with out knowing really what is available at the end of the month can be lethal.

There are alot out here or coming out that believe workamping or mobile merchant will carry the load but those jobs are not always available....and even under the best circumstances things happen or dont line up



-- Edited by Lucky Mike on Thursday 20th of March 2014 06:49:42 AM

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Trace, you shouted out joy for your individual personal accomplishment, on that score I am happy to share it with you. Again, Woo HOO!!

Debt free or not debt free, let's all agree to disagree.  It's all about choices and free will.  Each of us will ultimately make the choice that is comfortable for ourselves. At that point it's "Damn the torpedoes, full speed ahead!" No, wait, I can change course at any moment if I choose.smile

 



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2017 RAM 3500 Laramie 4x4 CCLB, CTD, Aisin, B&W hitch, dually
2020 Keystone Montana Legacy 3813MS w/FBP ,
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So many big money decisions we have to make...I've been doing a lot of research, and its confusing. Looking forward to meeting some other folks in our situation at the upcoming RV Dream rally and getting a new perspective. The good news is that I turn 55 in about 2 weeks, so if I choose to retire, I get employer paid health insurance for life with my hubby. Now thats a great feeling!

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I would like to add that although we are credit card debt free we are not totally debt free. We did finance the fiver at a low interest rate and if the house sells quickly will be faced with staying in town at our current jobs longer to pay off the fiver (won't have enough from the house sale for truck and RV) or leaving sooner with a $400 a month payment. Currently we are leaning towards getting out of dodge at the end of the calendar and carrying the debt for awhile but I agree it is a VERY personal decision and completely dependent on your personal circumstances and willingness to accept risk. It can also change over time. When we started talking about this I was adamant about being 100% debt free...now that I am more comfortable I can make some money on the road I have softened that stance. BTW if it was up to Lee we would leave tomorrow but he's always been more of a risk taker than me :)

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 Trace 

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Trace, we are in the same boat. Paid off all our credit card debt but we will have a truck payment and rv payment so will need to continue working on the road. It's still worth it for us to travel now rather than wait, but yes, that is a personal decision. Looking forward to meeting you at the rally :)

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2014 Arctic Fox 32-5M  5th wheel pulled by a 2014 Ford F350 DRW

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You too Jo and I am super excited!!!

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 Trace 

Ford F350 Super Duty 4x2.  Open Range 386FLR

Follow our journey at www.camperchronicles.com

 



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Congratulations Trace & Lee. That is terrific. We had originally said we would not fulltime until we were 100% debt free, but have calculated our income (which is stable and not dependant on working) we will start next Spring with one year left to pay on our truck and 3 years on our RV. We will have an emergency fund and will still be able to save money every month to augment our small savings.
We are in a bit of a fix because we live in a manufactured home that is valued at less than we owe on it. It's very unfortunate but we live in a less than desirable (to be kind) all age park and have been told by an experienced realtor we will never get what we owe on it. We are trying to work with our lender to get them to take what we can get for the house but that remains to be seen.


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Congratulations.

Be debt free when you start to fulltime!!

We have never been real “responsible” with our money. We spent what we made. Too many toys. It is the best advice ever.
We bought a less expensive camper than we wanted, and a late model used truck rather than new, but we were debt free when we started. We are still debt free. That is not to say we don't have bills, but a no installment loans, no credit card debt.

We don't have much, but what we have, is paid for. This was the best advice we ever received and for once, I was smart enough to take it.

Credit cards? We don't need no stinkin credit cards.




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