How long did it take you to get out of debt?

Question

Friendlybro79 · Accepted Answer

Have never been in debt outside of house and cars are paid off. Credit Cards are paid off in full every month.

Still have a mortgage but I have positive equity in the home, savings in the bank and really healthy 401k balance. Overall, I'm lucky to have a healthy net worth for my age.

It wasn't easy to stay out of credit card debt but I had good discipline early on and socked away money in a 401k since my early 20s.

It's harder for younger people today but it just takes time and you have to start young. Unfortunately I don't know how a young person can save for a house, retirement, and live beyond week to week. I had to wait till I was 39 to buy a home in NY so that I wasn't just house rich.

Massageman · Accepted Answer

Have never been in debt. Retired our mortgage within about 14 years. Own cars free and clear. CC's paid off in full each month. Able to give each daughter a car and a college education to Bachelor degree. Each choose to go for a Master's at their own expense. We use the Bohemian easy-pay-plan: 100% down and no monthly payments - - - if we can't save for something, we don't get it.

HinaTariq · Accepted Answer

the time it takes someone to get out of debt can vary greatly depending on their individual financial situation, including the total amount of debt, income levels, expenses, and the strategies they use for debt repayment. It can range from a few months to several years or more. Seeking assistance from financial advisors or debt management professionals can be helpful when creating a personalized plan to pay off debt efficiently.

DeeDeeDeVour · Accepted Answer

The last & final auto-payment on our house the we bought in '19 will be in the middle of December, next month.

After that, my husband & I will be personally debt-free.

We have no other personal loans of any type.

Only our businesses have commercial loans and lines of credit.

RasmusAiken · Answer

I don't spend more than I can pay off monthly.

All debt becomes your enemy. Debt is stealing from your future self. Why generate more than what is necessary.

Poverty is not so much about having too little. Poverty is lusting for more than you have.

loveslongnails · Answer

I was 36. Took out a 15 year mortgage in 2010 at 4.10%. Made bi-monthly payments, threw the tax returns in to pay down principle, and paid it off in 12 years. The car is paid off and the credit cards are cleared each month. I have no debt to speak of and the investments are doing well enough.

EmmaMary · Answer

If you call having a mortgage a debt, then we have just five years left to pay it off. Both our personal and business credit cards are paid off in full each month.

colaman94 · Answer

I still have a small student loan since post-high school. Never went to university, technically, only to an equivalent for 1 year. My debt is still attached to me, decreasing each year. So far it's been 10 years exactly 👀👌🏻🤣

BoopBoopBeep · Answer

I've only had a mortgage as far as debt goes in my adult life. It was a 15 year mortgage. That'll be paid off in 6 years, so I guess 15 years is the correct answer there.

MikeTheBartender · Answer

A few years. I became pretty wealthy after that within 14 years. Along w psychology of money you should also take a look at the simple plan to wealth.

HaveNoName · Answer

Cars: always paid off in time or early - currently, paying for one.
Home 1: Sold and was out of it.
Home 2: Still half way through the mortgage.
Various other stuff: 0% deals on appliances etc - always paid off within the 0% term.

exitseven · Answer

I had a 30 year mortgage and was able to pay it off more than 5 years early so I guess it was 25 years

Likes2drive · Answer

Years, actually I had to do a bankruptcy and then only use debit cards only for years after but that was 12 years ago and now the only debt I have is a car loan which I’ll be done with in a year

abc3643 · Answer

I am still working on it... and will for the rest of my life.

Anonymous · Answer

I've never really been in debt. I mean I've bought a couple of cars in my younger years that i financed. But from about 32 or so on everything I've bought I've paid for upfront.

So I guess it took me 32 years to get out of debt?

Anonymous · Answer

@date_a_snob it depends on how much you can earn extra ( I mean what is your 2nd source of Income ) ! Your size looks very big in your pic, Do you have a DD cup size?

MicroJ · Answer

I've never been in debt. Pay my bills on time.

Mrtcn01 · Answer

probably if don eat and i dont go anywhere t akes 8-10 months... :D

Sparkie460 · Answer

The only debt I had was my mortgage. It's getting paid off next month

BLP11520 · Answer

2 years after a company that I worked for went kaput

Apple1996 · Answer

I've never had debt

NathanDavis · Answer

six years or so...

Grond21 · Answer

School debt took about 5 years

Mansearching · Answer

Still in debt... lmao

boobliker · Answer

about 40 years or so.

Anonymous · Answer

I think a month usually

TiaNour · Answer

I never really been in dept

PreciousJewel · Answer

Will never be in debt

Bklynbadboy12 · Answer

For years and it wad hard

Jmmmfi4 · Answer

Shit... I'll never be paid up

eagle1951 · Answer

let you know when it happens

balyai · Answer

Never been in 1

jahaims · Answer

9ish years

hbkfan · Answer

I'm still in debt

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