The Simple Life in France posted Where Would You be Without Debt? and got me thinking.  Debt freedom has to feel amazing. In our case, it would open up a bunch of options and really boost our early retirement goal.

Right now, we have a total of two debts:

1.  Car Loan – $9,900 at 4.6%
2.  Mortgage – $72,700 at 5.375%

I am currently concentrating on paying off the car loan as soon as humanly possible.  My husband has even taken to this battle since he found out we wasted almost $700 on interest alone for the car in 2009.  If we successfully pay it off by August 2011 as planned, that will be at least an extra $500 a month to “play” with since the payment is $330 and we’ve been contributing extra that comes our way.

We might use that extra money to tackle the rest of the mortgage.  We are currently on schedule to have that paid off by December 2017, but I think it would be possible to move that up to 2015-2016 without hurting too much.

My only hesitation in any of this debt repayment is that it will be very difficult for us to open a second Roth IRA this year if we’re pretty much channeling that money to the car loan instead.  We are going to try to do both, but I won’t really know if that’s on track until August or September 2010.

Have I mentioned that I have no patience?  If not, I am not a patient person.  Ever.  Waiting sucks.

Anyway, that’s where we stand.  Debt freedom is less than 7 years away.  I think it will feel like being surrounded by free candy and chocolate…I’d be oh-so-happy and would enjoy figuring out where to start.

How do you stand?  What’s your debt freedom date?  How do you think it will feel?