How I Would Pay Off Debt... Today

I paid off $35,000 of debt by 2014, but what if I had to pay off debt in 2023? Here's how I'd do it all over again in this year!

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[thomaschew]

We paid off our debt beginning in 2017 finished in 2022. This was a mish mash of mortgage, car loans, parent plus (student loan) personal and credit card. The parent plus went into forbearance in March 2020 like all federal student loans. At that point we had snowballed the mortgage, credit cards and most of the personal. But when the forbearance kicked in we took advantage of the interest free aspect and paid it off, $24K in 18 months. A lot of my friends thought us crazy but that took care of it and now no debt. We think that somehow our debt will disappear on it's own, it will not.

[BudgetsWithELMA]

Happy Friday & great debt pay off video!

[shantalgovender]

Thank you for this Justine! Definetly going to be trying to look for more freebie activities to add to my fun time so I am also getting contentment whilst paying off my debt :)

[rhondapetsch]

Such good advice. New subscriber. Thanks for your content.

[vulpixelful]

FYI Federal student loan servicers won't let you make principal-only payments automatically. So, unless you have saved or paid down more than the interest, you won't be touching principal. Unless you ask real nicely over the phone or you concentrate on paying down the principal and interest of _one_ loan at a time. That's what I did instead of making extra payments blindly and trusting them to apply it right. I'm using the debt avalanche method and I've already paid off one third of the loans I had.

[danitas]

I may be your oldest millennial subscriber at 66 😊

[sunnylam]

For those students who don't want to pay back, who's going to pay? The taxpayers are not going to help out. If they have money don't go to school.

[TheRaphaPower]

So you advise if you have the money to pay off your entire student debt? I owe with my wife 24k in total and we have close to double that as we have been saving living with at home with her parents and paying them rent. We have no other debts. We make 100 dollars a month off interest in a hysa like you recommended. I was given advise to just pay the minimum payment for 10 years because cash in the bank is better so I'm not sure what to do.

[electricpenguin]

I unfortunately have a car loan right now. I had started a savings fund specifically for a new car a few months ago. I thought it would be okay timing wise because my car should have still been in great condition for many more years. Then my car was totaled in a hit and run. I never thought I would get a new car ever in my life, but somehow as I was looking around the used cars were almost or just as much as the new ones. I couldn’t find anything comparable to what I had before without extremely overpaying so I decided to go new. I put all the money from the insurance payout into the new car but am still left with the difference. Currently accelerating payment on this loan and also slowly building the car fund again. Hopefully I actually get enough time to save this time before needing another car 😢

[chuckterrell]

Why would u pay off your debt? Why wouldn’t you use the debt to create money? The dollar is debt.