In July of last year I payed off my car, a year early too.
At the start of the year I payed off the credit card.
This evening, I payed off a bank loan from 16 months ago (to cover a family emergency).
That means I have nothing at all outstanding, I owe nothing no no one. I'm still planing to use my credit cards for some things (it's easier to run them that way) but it will be paid off at the start of the month.
As a bonus I currently have a good amount put away in emergency funds and as saving for a trip to England this summer. In fact for the last couple months I had more in savings then in debt, but I didn't want to loot one to pay off the other. Last time I did that I lost my job three weeks later.
This also means I will be able to do something I've been wanting to do for years... I will be able to live on one paycheck each month, the other is going to go into a mix of short and long term savings. Might even set up an investment account in a couple months.
Oh ya, and I'm saving up to buy a (used) plane, hopefully next year if not, the year after. A house will follow a few years after that, though I will have to get a loan just because of the area I live in.