Our family has felt the bondage of debt. We have determined to wipe out the existing balance and never allow it to return. While we have not experienced or accumulated credit card debt or a mortgage on our house, our family has inherited the school loans I adopted for college. I did pay for some of my schooling upfront, and worked throughout my college years to save and pay as much as possible once the loans came due. This allowed me to pay the majority of my 4 years, plus some summer classes in Italy, off within a year of graduating (my parents have helped with some of these). We still have a little less than a year’s worth of university expenses to go. Our goal is to pay this off by the end of the year (using some of our current savings along with what we can spare in the coming months), even though we are currently living on one part-time salary.
**UPDATE: As of 2014 we became DEBT-FREE and purchased land for our homestead with cash using the following principles! Read more on that here.