$0.00

Just the mortgage.  Buy cheap econocars for cash.  Don't buy things unless I can afford them.

My wife and I have been working hard to pay off our debt for the past year. We got in pretty deep to pay her way through college. Now I'm almost debt free after a year of hard work and self control.

Quoted: Quoted: My paid-off cars, despite being well maintained, cost me about as much monthly as the new car I just bought, so what's the savings in the paid off cars? none. I'm having trouble following this logic. Besides the ability to carry only liability insurance, not have to make payments, etc., your used cars cost as much per minth as new ones that erquire full coverage and payments?  How can that be?  The old cars are crap and break every time you drive them?

Nope, used cars can be a good deal. The thing is getting a good car. Most of the new USA-built cars are cheap to buy, but the better value is in the Japanese cars. Some of those Toys and Hondas will go 300,000 easy.

1 car, 1 truck, 1 boat paid off.

Second boat I owe $6487.98 as of today. I could pay it off, but the IR is so low that its not worth it. The Opportunity cost would be too high.

Quoted: Well, from what everyone is saying, doesn't look like this is so bad: school loans (at LOW rate):  $4,500 truck:  $8,500 CC:  $1,400 grand total:  $15,000

You're complaining about fifteen grand???

When I graduated from school (1997) I had over $150,000 (yes, ten times what you currently owe) in student loans ALONE.  My minimum monthly payment was $1,100!

BTW, five years later I was debt free.  No, I didn't win the lottery or receive a fat inheritance.  It's all about not spending money like water and being semi-frugal.   Credit cards got paid off every month.  I cook for myself and usually pack my lunch.  I don't drive a BMW or Mercedes (hell, I don't even own a car).  I don't own a Rolex watch, my $200 Seiko does me just fine.  

It's 2004 and my sole debt is my mortgage.  Nothing else.  My mortgage is not small but at least there are certain tax advantages to home debt.

Quoted: Well, from what everyone is saying, doesn't look like this is so bad: school loans (at LOW rate):  $4,500 truck:  $8,500 CC:  $1,400 grand total:  $15,000

Can't look at it that way dude.

There is good debt (house note) bad debt (credit card) and working debt (truck note, student loan).

Nothing wrong with having good debt, a little bit of working debt (normal truck note and a small student loan). That is pretty much the normal.

Yes get that CC debt to zero and payoff the student loan and you really have zero debt.

Just another opinion.