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Shopping & Gifts

How long is "too" long when making a plan to become debt free?

Date_a_Snob
Date_a_Snob Follow
Yoda Age: 34
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How long is "too" long when making a plan to become debt free?
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  • Bricealan
    Bricealan Follow
    Master Age: 46
    1 y

    @date_a_snob That depends on how much money owed and the interest rate. I owe 15,000 on my Solar but the interest rate is about 2%, where as my credit card debt of 9600 is at a rate of about 17%... paying off the credit card is a priority.

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Most Helpful Opinions

  • Fireguy17
    Fireguy17 Follow
    Master Age: 61
    1 y

    there is no such thing, for some it could be a year, others it might be ten years, but the goal is the same.

    0
    0 Reply
  • Nikki1989
    Nikki1989 Follow
    Mentor Age: 37 , mho 31%
    1 y
    473 opinions shared on Shopping & Gifts topic.

    How much debt?

    My only rule is I pay back any outstanding debts within a month. I might not get ahead, but I am not behind with money either.

    0
    0 Reply
  • CindyRuns
    CindyRuns Follow
    Guru Age: 39 , mho 49%
    1 y

    As long as you're making positive progress, don't worry about WHEN, worry about the goal !!!

    0
    1 Reply
    • Date_a_Snob
      Date_a_Snob
      1 y

      I feel like should just go ahead and give you MHO for every question I ask

      Reply
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  • ohsheeT
    ohsheeT Follow
    Master Age: 41 , mho 62%
    1 y

    Well you have a payment schedule and if you can cut that payment schedule in half you're doing good

    0
    1 Reply
    • ohsheeT
      ohsheeT
      1 y

      But if you're just paying on time you paying more interest on your loan than anything else

      Reply
  • andreasderjuengere
    andreasderjuengere Follow
    Master Age: 62
    1 y

    ''Too long'' is when it exceeds the time after the next paycheck... to me :)

    0
    0 Reply
  • Likes2drive
    Likes2drive Follow
    Master Age: 59
    1 y
    402 opinions shared on Shopping & Gifts topic.

    Hopefully before 10 years unless it’s a mortgage

    0
    0 Reply
  • Anonymous
    Anonymous
    (25-29)
    1 y

    Depends on the debt

    A mortgage is a 15-20 year undertaking but a car should only be a few years and anything much else should be less than 2

    0
    0 Reply
  • Bklynbadboy12
    Bklynbadboy12 Follow
    Guru Age: 39
    1 y

    Take as much time as you need just stick to the plan

    0
    0 Reply
  • NathanDavis u
    NathanDavis Follow
    Master Age: 35 , mho 33%
    1 y
    493 opinions shared on Shopping & Gifts topic.

    as long as it takes... it's worth it

    0
    0 Reply
  • Anonymous
    Anonymous
    (18-24)
    1 y

    I would say 5 years is good.

    0
    0 Reply
  • ehatsham_hussain
    ehatsham_hussain Follow
    Xper 7 Age: 39
    1 y

    You should be debt free before the age of 40 -45 .

    0
    0 Reply
  • eagle1951
    eagle1951 Follow
    Master Age: 74
    1 y

    not sure nothing i've tried has worked

    0
    0 Reply
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How long is too long when it comes to paying off debt?

Date_a_Snob
Date_a_Snob
Yoda · Age 34
Home > Shopping & Gifts > Questions > How long is "too" long when making a plan to become debt free?
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