How long is too long when it comes to paying off debt?

[Date_a_Snob]

[BobbieBoy666]

"Too long" when paying off debt generally means taking significantly longer than a few years, especially for high-interest debts like credit cards, where making only minimum payments can lead to substantial interest accumulation over time; a good rule of thumb is to aim to pay off credit card debt within 3-5 years, depending on the balance and interest rate.
Key points to consider:
Statute of Limitations:
Most states have a statute of limitations on debt collection, meaning a creditor can no longer legally pursue you for a debt after a certain period (usually 3-6 years), but this doesn't mean you are not obligated to pay it; it just makes it harder for them to collect.
Credit Score Impact:
Carrying large debts for extended periods can negatively impact your credit score, making it harder to qualify for loans or lines of credit in the future.
Interest Accumulation:
The longer you take to pay off debt, the more interest you will accrue, which can significantly increase the total cost of the debt.

Factors influencing "too long":
Debt Type:
Secured debts like mortgages might have longer repayment terms compared to unsecured debts like credit cards.
Interest Rate:
Higher interest rates make debt more expensive to service and can extend the time needed to pay it off.
Income Level:
Your income level determines how much you can realistically allocate towards debt repayment each month.

What to do if you're concerned about your debt repayment time:
Create a Budget:
Track your income and expenses to identify areas where you can cut back and allocate more money towards debt payments.
Debt Consolidation:
Consider consolidating multiple debts into a single loan with a lower interest rate to simplify repayment.
Seek Professional Help:
If you are struggling to manage your debt, consult a credit counselor or financial advisor for personalized advice.

[Lynx122]

Every second is too long lol. They can charge you a lot of interest for debt so if you think about it. If you pay off your debt immediately it's like you're getting a 30% return on your investment because you're avoiding paying 30% interest on your debt. So you should pay it off as soon as possible.

[Lynx122]

Unless it's like a low interest mortgage or something then it's fine but most people who talk about debt don't mean the kind of debt that is actually working for you :)

[Anonymous]

Depends on the intrest. So many Americans spen a 3rd of their wages servicing the jntrest on their debts.

[Iron_Man]

After a while it becomes impossible to play it off they end up charging you so much interest and next you know you’re paying double of what you owe or even three times more you either come up with a solution with the company and work out a deal or you just forget about it then they stop writing you like 10 years later

[andreasderjuengere]

My own view: anything longer than 6 months.

If I can't afford it, then I'll just not have it.

[bowenw]

It depends what it’s for. A house is typically 25 years, a car 5 years. Necessities like groceries should be paid in full monthly.

[exitseven]

I like to pay off debts as fast as I can. I paid off my 30 year mortgage 7 years early.

[jamesgoldman]

Bi-weekly?

[exitseven]

@jamesgoldman I sold some stock and wanted to retire my mortgage.

[jamesgoldman]

Ah, just read a book (the automatic millionaire by David Bach) that took 30 years to 23 via biweekly as opposed to monthly payments

[Bklynbadboy12]

I always double up on the payments and knock it out in record time

[Dargil]

An arbitrary number: 10 years.

[jamesgoldman]

Depends on the numbers

[Staximus]

I don't know, I've never been in debt

[bananathunder]

once your kneecaps are broken...

[Sunlight4]

When it cost too much.

[jjj101010]

Depends on the size of the debt