Reading through my RSS feeds this morning, I came across a post Brad Isaac made about reasons to become debt free. I've thought several times over the years about becoming debt free, but most of my attempts resulted in more debt. My wife and I have become good at keeping our credit card debt low, and when we must buy a car we buy used and keep the payment close to the $200 mark. Debt definitely limits our options, especially in selling our house. We took out a second mortgage in 2003 to refinance some debt and to replace windows and our sliding glass door, which was ready to disintegrate. We refinanced that second mortgage in 2004, then combined both mortgages into one good mortgage in 2005, since rates were low and our house had appreciated so much. Now it's biting us. We're looking at selling our house at a loss to help family out. Obviously, at the time we took out the mortgage, we planned on staying in the house for a long time.
Check out Brad's post and give some thought to becoming debt-free.