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The Age Old Question: Should You Pay Off Debt or Save?

Penny Pinchin' Mom

The post The Age Old Question: Should You Pay Off Debt or Save? Should you pay off debt or save? So, you want to get started on debt repayment so you can focus on other financial goals? However, if you pay off these debts, there will be nothing left for investments in these tough financial times.

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5 Steps to CRUSH Debt + FREE Debt Payoff Goal Tracker

Family Balance Sheet

Did you make a goal to pay off debt this year? For many years, we made a yearly goal to chip away at our six figures of non-mortgage debt. It took us years to pay it all off, but we achieved it in 2019. It took us six years to pay off our non-mortgage debts once it became a priority.

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Find out How Acadia & Her Husband Paid off $97,000 in Student Loans

Family Balance Sheet

How much debt did you pay off? What kind of debt was it? All of our debt was $97,000 in student loan debt. We had been paying on it our entire marriage, but could not afford to pay too much above the minimum payment requirement. If married, who initiated the debt free goal?

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Meet Jackie. She and Her Husband Paid off $147,000 in Debt | Debt Free Stories

Family Balance Sheet

We paid off over $147,000 in debt (actually way over that amount, if you want to count a $210,000 rental property that I sold at a slight loss.) About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) Then my husband decided to pay off his car.

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Meet Doug & Laura. They Paid off $23,000 in 16 Months. | Debt Free Stories

Family Balance Sheet

How much debt did you pay off? What kind of debt was it? We paid off just over $23,000 in one year and four months. The debt consisted of my student loans and a car loan. What inspired you to get debt free? We put any extra money that would come in toward our debt.

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2019 Debt Freedom Plan Update

Family Balance Sheet

Happy New Year’s 2019: In January 2019, we were down to one final non-mortgage loan, so we created just one financial goal for the year—-to pay off that last non-mortgage debt by December. … cue the Jefferson Starship song, “Nothing’s going to stop us now”… Fast forward to September.

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Create your debt freedom plan

Family Balance Sheet

Prior to FPU, we thought we were doing well financially and never considered that we had too much debt. We didn’t carry over credit card balances, we paid off our car notes early, and the interest rate on the student loan was at a low 2.75%. But Dave Ramsey’s view of debt is very different. A student loan?

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