Today I calculated that I pay off debt at a rate of about $4,500 a year. It's hard to say how long it will take me to pay off the remaining $93,000 I owe because the ratio of interest vs debt in my repayment changes so it could mean that next year I can pay $5,000 and the following year $5,500. But I think that it's safe to say I could be debt free by the time I'm 50. But then I'll be so old I won't be physically able to do anything fun, so I'll die but leave the world without a deficit.
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2 comments:
You will probably accumulate more debt by then, like it or not. Maybe not credit cards or whatever, but you may have to buy a new car or house or something. Or send your kids to college...
I am also able to save for that kind of stuff right now as I pay off debt, in addition to that my income will most likely increase to offset the cost of a larger house. If my income doesn't increase then my house probably won't either.
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