out of debt
No longer having a debt owed to one or more other people, corporations, banks, etc. It feels so good to finally be out of debt. Now I can finally start a meaningful savings account. I know that they've been struggling to get out of debt for years.
*out of debt
no longer owing a debt. (*Typically: be ~; get ~; get oneself ~.) I've taken a second job so I can get myself out of debt.