What would you do if someone wiped out your total debt?

Question

If someone paid off your total debt, would you make sure you stayed debt free and live off your income, or would you rack up the debt again? Just curious as to what you have to say.

Answer 1

If someone wipes out your debt you are likely to begin racking up debt again because you have freeloaded through life thus far and not learned to manage your money.  Someone paying your debt teaches you absolutely nothing.

I wouldn't have someone paying my debts, they are mine.  I am not a freeloader.

Answer 2

You sleep a whole lot better not owing a dime to anybody. To live within your means is the best of the best.

Answer 3

I would TRY to remain debt-free, but, that's not always possible, BUT, I would try to stay within my means.

Answer 4

I would start making your money work for you.  Since you are debt free, you are in an excellent position to start making some tremendously lucrative decisions that could lead to your continued "debt free-ness!"

Most people never see the situation you find yourself in and when they do, they get right back into debt.  I would suggest that you start to educate yourself in how you can make your money work for you.  Sometimes, you have to spend a little money to make a lot of money.  For example, if you were to invest in real estate, you could buy a house, then rent it out ensuring yourself enough money to pay the mortgage, escrow, insurance, etc., and then add a specific dollar amount on top of that to establish the monthly rent to charge.  The specific dollar amount is your positive cash flow that you receive each month....thus, making your money work for you.

You can also learn about investments and make your own decisions.  Be cautious about turning your money over to a broker who is in business to make money for him/herself, not necessarily you.  The better educated you are on the stock market or whatever you deem interesting, the better off you will be.

Good luck.

Answer 5

I would stay debt free, except for the income taxes.

That "wiped out debt" counts as income to the IRS.

If you owed $200,000, and someone paid it off for you, you now have an extra $200,000 of taxable income....

Answer 6

That would depend on the person what kind of debt it was and how they use money.For my sister nothing would change her.For me,debt free way to be.She thinks I am a fool.Its ok,I probably am but I am happier.

Answer 7

jump for joy and stay debt free

Answer 8

I only have my mortgage and if someone paid it off for me I would a/ be their slave for life and b/ retire tomorrow as soon as I walked in the door. It would be a miracle!!!

Answer 9

TOTALLY BE GRATEFUL