Post # 1
- Wedding: April 2013 - Rhode Island
I’ve been working on paying off my student loans for 5 years now. I really hate the debt hanging over my head. In total, I have 3 student loans and 1 car loan. My husband has 4 student loans and 1 car loan. I don’t want to give exact numbers, but in total all of our debt combined is under $60K. If we continue paying everything off with minimum payments, it will be another 18 years before we are debt free!
I started calculating how much extra we could allocate to our loans and found a way that we could pay everything off within only 8 years. Does this sound like a long/short time to you? I’m curious to know how other people are doing paying off their debt. When will you be debt free (not including mortgages)?
Post # 2
If I keep paying off my student loan at the current rate it’ll be 6 years. I’d reeeeally like to get a home improvement loan and that would probably be paid off – never. I’ll be dead by then.
Post # 3
Oh sweet Jesus…I will probably never be debt free. Between me and my husband we have almost a 1/2 a million (yes…you read that right) in student debt. We did pay off our credit card debt and own our cars. Needless to say, it has been an issue trying to get a house morgage because of debt to income ratio. I say if you can pay off the debt sooner and not struggle financially, it would be a good choice for you. Do you have credit card debt? If so, I would pay that off first. Are you looking to buy a home?
Post # 4
- Wedding: August 2015 - Backyard Forest
I have student loans, a car loan, some we-had-a-really-rough-winter credit card debt and a mortgage.
I don’t know when it’ll be paid off, and I obviously wish it wasn’t there… but it’s all pretty manageable.
Because of my debt, I have an education, a safe reliable car, our house had heat this winter and we have a roof over our heads that we own and love.
Worth it for me.
Post # 5
- Wedding: October 2011 - Bed & Breakfast
We have another 28 years on our mortgage. We are not ones to take out loans, use credit cards or lines of credit, etc. It’s just not our thing. So I would be totally on board with an agressive debt payment plan.
Post # 6
My DH went to law school, and took out a lot of debt to do so. Due to him not handling it well, he negative amortized without realizing it. Between the two of us, we owe $150K, not including the house. Now that I have control (I’m the finance person) I have an 8 year plan for getting us out of debt except for the house, which has a VERY low interest rate, and if we paid every month of the loan on time, our house is still currently worth more than what we will pay for it in total.
I think as long as you have a plan and can afford the to at least make the minmum payments you are not in trouble. It is when you can’t make payments, have no idea how much you owe, and have no plan that the trouble starts.
Post # 7
I currently have no debt other than my mortgage but I plan on buying a car pretty soon…
Post # 8
Forever. Lol! No I’m not positive but I have 7 years of student loan debt left and DH has about the same. We have about 3k of credit card debt at the moment from our honeymoon we took a few weeks ago, but that should be halfway paid off by the end of the month. We bought a house this year and want to do some renovations but can’t afford it right now. Would love to use cash for that if we can save up enough.
Post # 9
Christy42213: My husband and I just talked about this yesterday! We have 2 large student loans as well as a small car loan (totalling around 200k, ack!) and really hope to pay it off within the next 5 years. It will be so nice to have an extra 2-3k back each month!
Post # 10
- Wedding: June 2016 - Equestrian Estate
I have to say It’s nice to know Im not alone!! I have a smallish debt… around $12,000, and Im hoping to have it paid off within a year or two. My BF and I are talking about a wedding next summer so then we’ll most likely accure a bit of debt from our wedding, but honesly I dont care, its worth it!! You only live once right 😉
As long as you are managing it and paying as little interest as possible then you are on the right path. I keep working with the bank to lock it in each year at a reallly low interest rate so its almost like there’s no interest at all. Have you ever considered adding it to a mortgage or combining it into one easy payment? That way its a lot easier than juggling all the diff payments.
And 8 years sounds like an appropriate timelne considering how much debt you have, you def dont want to only pay the minimums for the next 18 years 😉 Good luck!!
Post # 11
Not including our mortgage, 2.5 years. My line of credit should be paid in January (fingers crossed!) and my car has 2.5 years left although in one years time I might withdrawl from my savings to pay it off completely.
Post # 12
I have a student loan that I’ll be paying off for another 9 years, we just bought two cars but the loans should be paid off in under 4 years each. Aside from that we have our mortgage which we plan to pay off early and we don’t carry any credit card revolving debt. I lived my entire twenties in credit card debt and I’m so glad to be out of it, the other stuff I don’t mind as much as long as we’re paying more than the minimums each month.
Post # 13
- Wedding: April 2013 - Rhode Island
Thanks for all the responses! We do not have any credit card debt. As for consolidation, our loans have very different interest rates, some as high as 6.55% and some as low as 1.75%. So consolidation just doesn’t make sense for us. We currently rent and have talked about buying a home, but we don’t have enough for a down payment. We have an emergency fund that would last about 8-9 months, and we each have 401Ks for retirement. But other than that, we don’t have any savings at all. We put all extra money earned towards debt repayment. It’s scary to think that we won’t be able to build any savings for another 8 years. I feel like we’ll never be able to afford a house or save for our children’s educations! But from everything y’all are saying, it sounds like we’re on the right track.
Post # 14
the only money i owe is my mortgage, so that will be paid off in 14 more years if i can continue to pay the rate i am now.
i don’t really consider mortgage debt, although i guess technically it is, so there was no option for no debt.
Post # 15
- Wedding: July 2014 - Prague
Never. Student loans. Sigh.