- Stop going into more debt.
- Reduce your interest rates.
- Be aggressive, but not insane, about paying down debt.
- Find a way to earn extra money to help fuel your debt paydown.
Currently I have two debts: ( luckily no credit card debt)
1) Car Loan - 1 years+, another 4 years to go - left 30 k
2) House Loan - another 10 years - left 100 k
I plan to settle this two loans by 50 years old. I am 42 years old.
8 years left for me.
Car loan should be finished by 2021 else bank will tow away my car.
1 k * 12 months = 12 k per years * 8 years = 96 k
Target achieve, By 50 years old, I am debt free.