How Long To Become Debt Free?

[esterdsl]

Make minimum payments on all but the smallest one, and throw everything you can at the smallest one. The psychological advantage of scoring one or two quick wins bringing balances down to zero is worth the difference in interest charges. I think by Using that technique you will be become debt free in a few years.

[Slug]

It's just math. Tell us the amt. of the debt and the current payoff rate, and one of us can calculate it.

[nitemarecooper]

I've been working semi seriously for a couple of years now to get out of debt. I figure it will be another nearly 2 years before everything (including car) is paid off). One thing to remember as well is your income (as already stated previously) will really affect things. After upping my income this past January to help pay off debt things really took a nose dive when my income dropped for about 4-5 months due to the Japan earthquake. Only now are things getting back up to where it should have been. If things had not taken a dive, I'd probably have my main cc debt paid off right now. Oh well, good luck on your journey.

[Eric80]

the best place to start is with some sort of citizens advice bureau and then from there going to speak to a debt advisor to see what they can suggest. I know loads of friends that have gone to a debt advisor and have been really successful in repaying their debts and managing their finances.

[DeansLane]

Well it depends on what is the amount of debt..And how much you are able to pay that debt..Totally debt different thing..

[Angelynne]

Originally Posted by cheapwine

I am new to the forums, and I came here to help try to get myself out of debt. I was just wondering how many of you have been able to get out of debt and are now debt-free? I would also love to hear any of your stories about how you were able to get out of debt and the feelings that you had when you became debt-free. I'm just looking for any type of motivation that I can get to help me take the steps that I can become debt-free.

just know your priorities. refrain from buying things that are totally unnecessary. whenever i'm tempted to buy new clothes, or new pair of shoes or bags, i just tell myself there are other important things to do. i mean, of course you also have to give a break for yourself but you should know when to stop and when it's not helping already

[Eric80]

the best way to become debt free is to really understand how you got there in the first place. I went to a debt advisors and they helped me with a repayment program, they also advised me to consolidate my debt which was a great shout as I am now financially in a better place.

[YLTL_Dan]

It took me two years to pay off $50k in debt. I had a good salary, but I also get super intense because I was so sick of feeling like I was working just to pay off my bills! I describe in detail how I did it on my blog - yourlifetheirlife.com

[maat55]

My first time was immediate after selling my home. I had roughly about 40k in cars, HEL and credit card debt. The 2002 recession caught me off guard causing me to sell my house. The second and final time took about a year. I only had a car payment of about 5k. I would have finished much soon if not for paying cash for a wedding.

I went gazelle intense, I ended my 8 year golf membership(saved a bunch in beer, fees and equipment), Lowered cable to very basic(13.00), stopped eating out, DW colors her own hair, brown bag for lunch etc.

I was just as intense to build my EF and establish our car fund. We have relaxed now while establishing a debtfree lifestyle and beefing up our retirement saving.

[spendherenotthere.net]

140k in four years. It was one of our largest priorities during that time. We worked hard at our jobs, picked up extra work, and spent considerable time finding ways to save money and pay off the debt. We came up with financial pryamid or budget that allowed us to always put more money to debt reduction than any other category of spending. Every month has different financial challenges but when we followed our pyramid, we always knew that we working to debt freedom.

Over a year ago, we reached our goal and became debt free. It was one of the best feelings I have had in my life and one of the greatest days in our marriage. What my wife and I were able to accomplish and the changes that we made will ensure that we are financial secure for years to come. It is amazing when you take money stress out of your life. You really begin living.

It is tough at the start but it only gets better. Good luck!!!

[crazyskunk82]

I'm about half way to being debt free. My wife and I started out with 40k in debt and very little hope of ever getting debt free. In fact, a debt repayment calculator said that, without any further debt, it'd take us 40 years to pay off our debt. It shocked us into action.

We set aside a month's expenses in savings. Then we started paying off our debt, smallest to largest. A good tax return gave us a kick start this year. We're down to only 20k left. Not bad for a year's efforts. Hopefully, we'll be done by the end of 2012.

It takes patience and keeping an eye on improving the path you choose to walk. After seeing that our tax returns were always huge, we used the return to pay down some debt, and then changed our withholding forms at work. Our monthly income jumped, it was like getting a 10% raise!

So now we have even more money to attack debt!

[lodoren]

I was $48,000 in debt (not including home) and it took me about 1 1/2 years to pay it off. Then I was able to buy two cars CASH for 1/3 the price. It then took me about 5 years to save enough money to pay CASH for my new home. You can do it!!! You just need to set your mind on it and STOP incurring more debt. The feeling is incredible and I will never go back to being a slave to debt! A couple websites really helped also. I learned how to not only get out of debt but to save money on everything from groceries to utilities to big ticket items to even traveling for free! My family and I just went to Disney for a week and a half for under $400.00!! Once you learn how to find the deals and start saving, you want to do it for every area of your life- not just to get out of debt! Good luck to you!

[alex499]

I'm not actually completely debt-free, but we have a small mortgage, as I was lucky enough to buy the flat at a time of low prices, and although the endowment policy probably won't completely cover the mortgage I am saving separately towards this.
The main steps I took to do this were meeting my current partner who is very sensible with money - again, just luck (I had another girl in the past with whom money just disappeared into thin air) and going freelance - I find I earn more freelance and have more time to do what I want.

[wrighteer474]

as long you pay it it will gone.. the worst is if you can't pay your debt..

[dojo]

4 months. I'll finish my 4 year car payment. Never again

[Eric80]

I went to a debt advisor to seek advice as they were able to be very honest with me and were able to set up a repayment plan for me. They suggested that i consolidate my debt or even IVA, all of which were great and applicable to my situation but the repayment plan was the best thing for me.