<prompt> Human: I am wondering what the advantages are to being and staying debt free? I was on track to being debt free by 40 when catastrophe hit health. Now I am back on track, looking at 47 as my year to be debt free I am 42 now. To anyone out there who has had a lot of debt, what are the advantages of paying off everything and remaining debt free? I guess part of my question is also about what to pay, when. I will own my car outright next month and can establish an emergency fund. Do I start saving money thereafter or use it toward debt to get out of debt faster?I dont really care about home ownership, I am more worried about retirement and health.  <response>: Cash flow. With no debt payments, the cash flow is all yours to control. Invest. Save. Enjoy. 