Using the Dave Ramsey method.........

[Ar1el]

Using his method, how long did it take you to get out of debt? I am not including your mortgage here. If you do not mind sharing. TIA

 

[chris31997]

About a year, but we had a whole life insurance that we cancelled and were able to get some moeny out of that and use it to pay off the majority of our stuff.

I know when we started it, his numbers and his timeframe seem impossible. But now that we have worked, I see how it is totally doable.

 

[ceecee]

It depends on how much debt you have and how much income you have, obviously there is no set anwser to your question. Also some people are willing to cut back more than others and that also will factor in.

 

[Ar1el]

Thanks for the replies. I appreciate it. Not sure we are going to do it to the fullest but I am really thinking about that snowball thing for your credit cards and such.

 

[PrincessDadx2]

Using his method, how long did it take you to get out of debt? I am not including your mortgage here. If you do not mind sharing. TIA

If you are going "gazelle intense" the program is designed for the average person to complete the first 3 baby steps in 24 months or less. If you take significantly longer then your retirement savings really begins to suffer from lost time. If you can't do it in 24 months then you need to get your income up by working extra, selling things, etc. or maybe put some away for retirement if that is not possible.

 

[tweedlemom]

We used the snowball method and paid off 2 cars and 3 credit cards in about 2 years. We are debt free except the mortgage and have been able to build up our emergency fund, savings and college savings for the kids. We are on Daves Step 5 and it feels good! Good luck to you!