How long till your out of debt? ( excluding mortgages)

posted 3 years ago in Money
Post # 3
Member
4698 posts
Honey bee
  • Wedding: August 2013

Probably most of the rest of my life. (Student loans, got swindled.)

Post # 4
Member
1464 posts
Bumble bee
  • Wedding: November 2013

We’ve just had to pay for immigration as well as a wedding, and I won’t be able to legally for a while, so we expect to have our debt (student loans only, but pretty high when combined) paid of in 7 years. This will involve one year of only paying minimums, due to the fact I can’t work (technically a 6 month ish period, but I’m gonna try and finish my masters), then adding a bit more to speed up payment. If one of us gets a good jub, or FI decides to only return to school for 2 years (masters) as opposed to PhD, it will be faster.

 

It seems like a long time, but having a plan that’s manageable, and still gets them paid off early (if I only pay minimum I will literally never pay mine off), whilst still being able to do some of the things we enjoy in life, buy a house, and visit new Zealand (my home – so long as visa interview goes well we will be in the US) every couple of years?

Post # 6
Member
2880 posts
Sugar bee
  • Wedding: February 1998

I’m bad because I keep adding it to my home loan. Doesn’t seem as bad that way hehehe

Post # 7
Member
3404 posts
Sugar bee
  • Wedding: June 2010

All debt apart from home (student loans, credit cards, car loans) will be gone end of October this year.

Mortgage will be paid in just under 2 years, then life will be easy street financially, I cannot wait!

Post # 8
Member
5087 posts
Bee Keeper
  • Wedding: April 2014

It doesn’t look like we’ll ever be debt free, we just don’t seem to be able to get out of FI’s overdraft, I’ve been able to not use mine for 3 months now, which helps, and FI’s is not at it’s limit so we’re making progress. 

Post # 9
Member
1304 posts
Bumble bee
  • Wedding: September 2011

I never had any student or credit card debt, so our mortgage my first debt.  My husband paid off his student loans right around the time we got married so he is all set too.

We currently have a small auto loan, but only because it came with a discount on the car!  We have to keep the loan for 6 months then we plan to pay off the balance.  I hate having debt but in this case it was literally cheaper to buy the car this way.

Post # 10
Member
1840 posts
Buzzing bee
  • Wedding: April 2015

I will be almost 50 when I pay off my last student loan…if I keep paying the minimum. Not likely to happen. 

Post # 11
Member
1901 posts
Buzzing bee
  • Wedding: November 2013

@Charlie89:  I’m hoping no more than 2 years. We were debt free and then we bought our first home. Moving out of our parents houses, we had a lot to buy as far as furniture and just fixing the place up. We just paid off the appliances we bought a year ago this month. So we are very happy about that! Next, is just working on the credit cards. 

Post # 12
Member
5518 posts
Bee Keeper
  • Wedding: November 2012

Other than the mortgage and student loans my main thing is revolving debt which will be gone by the end of the year.  I have a car payment that will be over in April.

Post # 13
Member
3250 posts
Sugar bee
  • Wedding: May 2011

It feels like I will never be out of credit card debt.

I’ve been underpaid and underemployed for 3 years now. At one point DH and I had 3 mortgage payments. Not because we had cool vacation homes, but because we each had a place on our own and we moved across the country for a job that pays less (but was supposed to improve our  quality of life) so bought a place together. We’ve finally sold the other houses and are now down to just one mortgage. But did a lot of credit card damage in the process. I’m also starting a full-time position in the fall, so fingers crossed I can start making a dent in the debt.

Post # 14
Member
3718 posts
Sugar bee
  • Wedding: August 2013

little less than 3 years left on the car loan.

credit cards should be paid off totally within the next year.

and I’m another one with student loans. I think I have 11 more years of them.

Post # 15
Member
964 posts
Busy bee

I’ve only got about $2000 left to pay off (assuming I can stop using my damn credit card) but it will be paid off in September! 

I just graduated and I’m totally thanking God that I don’t have student loans. I feel for all you Bees!! 

Post # 16
Member
2912 posts
Sugar bee
  • Wedding: March 2014

We have no debt at all. This is the way we choose to live, no car, credit, educational debt. FI just paid out his last $5,000 to a bad investment so we are over 30, debt free and saving our arses off.

Yup I also feel sorry for the student bees. You are treated like 3rd world countries – owing money some are unable to pay back. It’s not cool.

 

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