View Poll Results: When Will You Be Debt Free?

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8. This poll is closed
  • Less than a year

    0 0%
  • 1 - 5 years

    3 37.50%
  • 6 -10 years

    3 37.50%
  • 11 years and beyond

    2 25.00%
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  1. #1
    Budget101 Guru
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    Default When will you be debt free?

    One of my main goals is to eventually have ALL debt, including my mortgage, paid in full with huge cash reserves. Right now, it is hard to see light at the end of the tunnel since we have two mortgages (one currently being paid by employer due to relocation), student loan debt, and credit card debt. We are working on getting the other house sold and off the books. If we can sell it, we hope to net a small amount to be applied to the credit cards.

    My question to everyone is: When will you be debt free?


    It would help to hear from others that have made long strides toward making their debt free living dream come true. It would also help to hear from others that are in the same boat as me and their plans for digging out.

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  3. #2
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    Default Re: When will you be debt free?

    well, Im not sure with all the debt we have when exactly we will be debt free.... I think it will be about 5 years to be completely debt free.

    Barring any unforeseen issues... and if we stay on track.
    Terra , Wife to Kevin, Mom to Cassidy (12) and Ciara (2)

  4. #3
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    Default Re: When will you be debt free?

    I am hoping to pay off everything but the mortgage in 5 years. After that, barring anything crazy happening, I am hoping to have the mortgage paid within 10 years I figure if I set far reaching limits, it can be obtained even if something happens.

    If I receive more than we are expecting for the house, then we can pay things off even faster.

  5. #4
    Deal GURU
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    Default Re: When will you be debt free?

    We started trying to get out of debt 9 years ago. We've paid a lot of stupid tax in our life and have paid plenty since we dug in and really started trying to get out of debt. We prayed and fasted for 3 days letting the Lord know we had been stupid and now we needed His help to get out of debt. We started out with over 180,000 in debt NOT counting the house! We worked long hard hours, two and three jobs both of us! We got our greatest blessing when we sold our house for what we wanted and was able to pay off the 1st & 2nd mortgages and had ,000 left over to build a pole barn to live in on another piece of property we owned. We've lived on air and been through a lot and by the end of February our last debt besides the house will be gone. A year ago we did get a house on our property but have gone from 208,000 to 143,450 in that year. Now that we will only have the house we hope we can really pay it down fast. More importantly we've made sure all 5 of our kids knew exactly what was going on the whole way. We hope that they might be much smarter much earlier than Mom & Dad were. So far we seem to have 3 save and pay cash kids and 2 who say they need to spend cash only but they spend every penny they get as quickly as they can and never have money when they need something. While they experienced living the high life with all the trimmings, they saw 1st hand what we had really done and experienced living through the nightmare of cleaning it all up. It is possible but you have to be willing to do without a lot to get it all paid off. We were able to negotiate several of our debts to a lower amount. We saved up until we had 1/2 to 3/4 of what we owed them and just asked what they would take to settle the whole account. Most we're willing to settle for far less than we owed them! But you can do it! For the last year I have just felt that huge weight off my shoulders and now our bank is telling us they will renegotiate our house loan and only keep 5 acres of our 99 acres on the house loan. I'm so happy because if anything really really bad happens then they can take the house and we still have most of our land to live on. We're going to build a primitive cabin on the other side of the lake next year for us to use in the summer time but also for an emergency shelter should we be forced to move in the future. I never ever want to be in debt again!

  6. #5
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    Default Re: When will you be debt free?

    Well with our business going under because if the economy....it seems like it going to be a little longer before we get outta debt...but I continue to work hard on maintaining my frugalness!!
    Tragedy, sadness, loneliness and despair taught me that life is really a beautiful thing; if it wasn't I wouldn't be able to recognize that anything was wrong - Lynn in Virginia

  7. #6
    Budget101 Done Digging
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    Default Re: When will you be debt free?

    Wow, that is some story. I'd say that you should feel good about the way you got things worked out. I don't mean to be negitive, but sometime I feel like we are never going to be out of debt. I know that some day it may happen, but there are times when I don't see a light at the end of the tunnel. Our property should be paid off in about 15 years or less if all goes well. As for the loans, those are going to be paid off within this year. So that will help relieve pressure there. Our cars should also be paid off within this year too. But that is with the idea in mind that nothing major will come up anytime soon. But life does throw things at us when we least expect it.
    Tonia

    Wisdom is doing now what you will be happy with later on.

  8. #7
    Deal GURU
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    Default Re: When will you be debt free?

    Just walk in faith, a little step at a time and you'll make it! pay off one little credit card and you'll get an extra $35 or what ever extra to spend each month, pick the next largest one and pay it off. go smallest to largest is the best way to handle getting rid of debt. One morning you'll wake up and realize that while you still have a lot of debt you've paid off several things and have room to breathe now. Try to park $1000 into savings for a rainy day fund and don't use it unless it's pouring! then when the car breaks down or the hot water heater dies you'll have a bit to take care of it. Just keep going and you'll do it. I know it feels pretty hopeless in the beginning but you'll be amazed where you'll be in 1 year! It's hard but believe me it's worth it! My DH is one that has to have it all right now but even he has gotten on board with us. Our latest joke is he had an extra $2800 come in and wanted a big screen TV for the family room. He told the kids last night at dinner that if it wasn't for Mom making him "sleep on it" we'd have a nice new big screen. The kids all cheered and said "way to go Dad, the car will be paid off next week and we don't need a new TV right now!" He still makes a lot of boo boo's but they tend to be much smaller and much less painful. If he is able to keep working we'll be able to get the house paid off in 21/2 years otherwise we'll just have to keep plugging away at it and we'll get it sooner of later! We're all learning and growing, just hope my kids are a lot smarter than we were!

  9. #8
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    Default Re: When will you be debt free?

    I was just about debt free when I got into my relationship yet I am now in the position of helping my SO get out of debt. We actually make a very good living so what we do is pay everything extra that we have each month which is about $1500 to debt. In about 10 months we will only have the mortgage left which we just refinanced 4.65% for 20 years- if we pay an extra $1000 a month on the mortgage each month we can have it paid off in 7 years. So far so good...we have been at this debt snowball for a year. It can be quite trying and at times we have relapsed into not paying the extra on the debt. When I joined this site it was to look for more ways to help us save and all of you are truely inspirations- all the tips, stories, and recipes have really helped re-motivate me- thank you

 

 
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