how do you figure

[irmanator]

the date you will be debt free? I see so many posts stating their anticipated debt free date. How do you come up with that ? Right now I have a goal, but it is based on I want to move out of state and want to have it all paid off by then. I want to move in 5-6 years so that is my goal.

[disneysteve]

Of course, some debts have a set term, like a car loan or student loan or mortgage, so those are easy. For a credit card, you can use an online calculator, like at bankrate.com, to determine when the debt will be satisfied based on how much you pay each month.

[irmanator]

Great! I thought someone was going to give me an algabraic equasion to figure it. This will make it so much easier. :-)

[creditcardfree]

Yea! You've seen the light.

[irmanator]

ok so I did that and the number i guessed is pretty do-able. I could probably do it sooner, knock on wood, nothing happens to goof it up.

[creditcardfree]

Best wishes for getting there sooner. A goal always helps to motivate me.

[disneysteve]

A goal always helps to motivate me.

I think a goal is very important, but a PLAN is also vital to success.

Saying you want to have your debts repaid in 5 years is terrific, but sitting down and figuring out how much you need to pay each month to accomplish that goal is what will actually get you there.

[irmanator]

Saying you want to have your debts repaid in 5 years is terrific, but sitting down and figuring out how much you need to pay each month to accomplish that goal is what will actually get you there.

This is why I asked this question, I also wanted to make sure my goal was attainable. thanks

[safari]

I will never be debt free because I will always have a mortgage. I got my current mortgage for another 24 years, but when I start a family I will get a new house. Also, I don't my the mortgage as bad debt because the interest rate is pretty low and I don't want to tie up all my money in a house. I could easily pay off half of my mortgage now, but I'd rather keep my money invested in the market. Rather than looking at the debts, I prefer to look at the net worth, which gives me a much better idea on where I stand.