Same thinking here.
Mostly, the stability is what did it for me.
Our only debt is pretty much the house, and our student loans.
Vehicles are all paid off.
We don't use credit cards. We pay cash, or we don't have it.
I'm with you there. That's why I want to work towards being at least somewhat self sufficient, so that if we aren't able to have the same earning capacity at some point, we'll at least be better prepared for it. And able to stretch what income we do make.
We have some old necro debt issues from when we were younger, that we're in the process of clearing out, but that's about it. Just really time consuming, and a pain, but has to be done.
Unfortunately, a long period of us both looking for jobs pretty much killed our emergency fund. We're slowly working towards that again.