Debt crippling your style?

The recent credit crisis has shown us now more than ever that staying free from unnecessary debt is important for your financial freedom. Surrounded by foreclosures where I live in California and hearing about more every day in other states around the nation, strengthens my opinion that a debt-free life is a splendid goal. That may seem extreme, but it can be done. I understand that the majority of the population needs to enter into debt to purchase a home and maybe even a car. One should be smart in finding the right price as well as the right interest rate. Additional debt can typically be avoided. It is not necessary to take out a home equity loan just have a more extravagant lifestyle. Living by the principle of spend less than you earn will allow you to save up over time to allow for those extras in life.