Do You Practice The 7 Characteristics of The Debt Free?

Today I want to talk about a great article that I came across from one of my favorite financial minds Dave Ramsey.

In this article Dave talks about what he considers are the 7 characteristics of debt free people.

It’s really a great list and got me thinking about what it really takes from a personality perspective to be debt free for life and enjoy debt free living.

It’s actually quite refreshing to see this take on it and to see that you don’t have to live like a pauper eating just bread and water for the rest of your life, but by making some smart decisions now, that they are just temporary measures to take to get to a better life without all of the stresses of debt and the chains of materialism. It really gives me hope that we can be a debt free America.

So let’s get to it and break down the 7 Characteristics of Debt Free People.

  1. THEY ARE WISE – They wake up to the fact that debt isn’t a tool, but may in fact be a disease.
  2. THEY ARE PATIENT – They don’t get sucked in by the impulse buys and the new TV’s
  3. THEY ARE CONFIDENT – They realize that to get to the end result of a debt-free life does require a change, and others may challenge them or even make fun of them, but that their conviction and the end-goal means more.
  4. THEY ARE GOAL DRIVEN – Not just that they know the goal, but they have a plan and are actually working the plan to reach their goals.
  5. THEY ARE RESPONSIBLE – Responsibility does not come simply from age, it is a maturity that comes from understanding what needs to be done and doing it.
  6. THEY ARE NOT MATERIALISTIC – They understand that it isn’t just about having all of the fancy things, its about the importance we place on, and the relationship we have with our things.
  7. THEY ARE WILLING TO MAKE SACRIFICES – Yes, to become debt free for life, it does require some sacrifices, but they understand that the sacrifices are temporary, and they are willing to sacrifice in the temporary for a life time of debt free living.

Seems like a pretty good list to me. It also seems like it really is possible to become debt free, it just takes a little bit of soul searching and bringing out those traits in yourself to make it happen. And by the way these traits and characteristics wouldn’t be so bad to have in other areas of our lives as well.

I’d love to hear what you think about these traits and if you agree or disagree with them and if you think there are some missing, so feel free to comment below and get the list started.

If you don’t know where you are along the path to being debt free click here.  If you are already on the path, but have some history that you want to improve to make your credit even that much better, click here to find out how we can help.

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About Anthony Candella

Anthony is the founder and Directing Attorney of and has been helping consumers just like you understand and improve your credit and financial situation since 2003.

  • L-Boogie

    This is good advice. However, what about paying off student loans faster. I do not have credit card debt. Just student loans.

  • Coral Mercintile

    Yeah seriously to live debt free and save money, starts with little
    changes, that eventually lead to your personality changing entirely.
    For example, I tell people all the time, I don’t care if you can only
    save 5 dollars per week. Commit to that, an that will be habit forming.