Getting Out of Debt Can Take Years—Why Patience Pays

It’d be nice to snap your fingers and watch your debt melt away. But the truth is that getting out of debt can take years. Here’s more on what to expect, and why patience pays.

How Long Does It Take to Eliminate Debt?

There’s no easy answer on how long it will take you to eliminate your debt. It depends on how much, what kind and which strategy you pursue.

Paying the minimum balance will almost certainly take the longest, which is why it’s not considered a sustainable strategy for the long term. As Real Simple reminds us, it would cost a consumer with about $16,000 in credit card debt—approximately the average amount carried per American household—$11,000 in interest alone if they only pay the minimum balance due each month. And it will take a long time. Interest creates a lot of extra work, so it’s generally smarter to pursue a more aggressive strategy for paying down debt.

Every debt elimination strategy worth its weight in gold takes time. In fact, consumers should probably be wary about any “get out of debt quick” schemes they come across while doing research. It’s very normal for a process like debt settlement to take 24 to 48 months, for instance; many positive Freedom Debt Relief reviews come from people who’ve been enrolled in the program for years, making steady payments into an account and working toward settling their debts one by one.

Another example is debt consolidation, in which you take out a loan to cover your high-interest debts which you then repay at a fixed rate over time. Many debt consolidation loans have terms of three to five years, although some are shorter and some longer.

The moral of the story? It’s better to work sustainably to pay off debt over several years than to throw a lot of money at debt repayment inconsistently. At least if you have a plan in place, there’ll be light at the end of the tunnel.

Staying Motivated to Pay Off Debt on Your Own

Half the battle when it comes to paying off debt is staying engaged mentally. It’s easy to get discouraged every time you receive a collection notice or experience a financial setback. Instead of thinking of debt as an all-or-nothing proposition—either you have debt, or you don’t—think of it as a journey. Celebrate each milestone and use it to fuel your determination.

Many people prefer the debt snowball method in which you order your debts from smallest to largest, then tackle them in ascending order. With each balance you pay off, you can snowball the money you’re saving into paying off your next-largest debt. People say it’s a good motivator because you experience a series of triumphs that keep you forging ahead toward being debt free.

As NerdWallet writes, “If a debt snowball offers the kind of reinforcement that will keep you motivated, it’s worth the premium to get your finances on track.” The premium is that you may pay more in interest over time if you order your debts by size rather than by interest rate. Others find more incentive in the debt avalanche method because it involves knocking debt out from highest to lowest interest, a move that can save you money overall.

Some people prefer to work with a credit counselor or a debt settlement program because it involves someone else helping them stay accountable. Of course, you’ll likely pay a fee to use services like these. Whatever keeps you going, stick to it. Motivation goes a long way in helping you find the patience to stick with whatever debt elimination strategy you ultimately choose.