My goal, as soon as I can get stable employment, is to pay off my outstanding debt in 1-2 years.
Half of it is student loans, a third of the remainder is a very stupid personal loan I took out three years ago, and the remainder is money owed to a friend who floated me through hard times.
Good job Ogre. Now you’ll be able to save up for the inevitable furnace/AC unit shitting the bed, water heater breaking down and/or the always popular leaking roof!
No need for me to mention those pesky car problems.
Whoa! Go out to do some field work, and yer thread blows up! Thanks a lot, guys. I know indebtedness is an endemic problem in the US, and I don’t mean to say we’re completely free and clear (mortgage, etc.), but we have no more life-sucking credit debt.
And BigT, through varying fortunes, it’s been about 8 years. We probably would have had it paid off before now, but I came back for my PhD, and they don’t pay us enough to make significant inroads on debt, y’know?
I will be debt-free by mid-October. While it wasn’t a huge debt, it was huge enough for me. But maybe it was huge because I didn’t know about it for a long time? Perhaps.
Even for those who aren’t suffocating under debt, it’s a good time to put as much of your earnings toward debt repayment as possible – interest returns for savings, etc. are hovering close to zero, so by paying off debt that is almost certainly at a higher rate you can de facto achieve a yield with each incremental new dollar of 5% or 10% or 19.5% or whatever your old debt is at (almost sure to be significantly higher than current money market/CD yields).