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At what age should you have all your debt paid off? It depends on a few things

At what age should you have all your debt paid off? It depends on a few things.

11/22/2020 8:31:00 PM

At what age should you have all your debt paid off? It depends on a few things.

Get a jump-start on retirement by mapping out how long your debt payoff will take you. CNBC Select digs into the ideal age you should pay off all your debts by.

Published Thu, Nov 19 2020Megan DeMatteoGetty ImagesThe average American consumer has about $25,483 in debt apart from their mortgage, and the average homeowner carries a mortgage balance of $215,655. Twenty-somethings are often bogged down by student loan debt, 30-somethings find themselves taking on more credit card and mortgage debt. It's not all that surprising that consumers in their 30s and 40s — who are growing families, buying homes and generally facing more expenses — would have more debt.

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But if taking on debt in your younger years is considered the status-quo, what's the best age to pay it off by?The answer, CNBC Select found, depends on a few things.Kevin O'Leary, an investor on "Shark Tank" and personal finance author,

said in 2018that the ideal age to be debt-free is 45. It's at this age, said O'Leary, that you enter the last half of your career and should therefore ramp up your retirement savings in order to ensure a comfortable life in your elderly years. headtopics.com

That's hard to do, he argued, if you're still paying down other balances.While O'Leary's advice would certainly put you in a great position to retire by your mid-60s or sooner, the choice to pay off debt is nuanced, especially for homeowners (more on that below).

If you're carrying high-interest debt — such as credit card debt or an auto loan with anAPRin the double-digits — it would make sense for you to follow O'Leary's advice and pay them off as soon as possible. Keeping a balance on a credit card can easily cost you thousands in interest and take you years to pay off unless you prioritize a plan of attack.

Read more: CNBC »

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30. It’s possible! I did it! At age 10. Outside of a mortgage don’t go into debt, live within your Means 😎 Can’t quite read the article but man is the guy in the frame looking good! Maybe could use a hat. stevie Never,.. Wealthy people are never out of debt. It depends on whether you subject yourself to a predatory system designed to keep you indebted in exchange for cheaply made 'luxuries' that you cant afford.

We should follow our Government example - the more debt the better Economy... 's propaganda machine will make sure everyone loses their hard earned money by investing at the top of StockMarket BUBBLE and have no money left to ever pay their debt off... If things keep going the way they're going the answer for most people will be - Never.

😲 You should never have debt in the first place but the financial matrix of society has levels you have to go through to evolve. as soon as you can. this is just a dumb headline horrible How old is the Federal Government? 99 🙏🏻❤️Can someone help us please! I am a single father of 2. I just claimed my last available unemployment benefits this week. I'm hoping to find a new job or get stimulus to keep a place to stay past 12/31. If you can spare it anything helps 🙏🏻❤️ PLEASE RT

The age I die? 🤔 50 at the latest, if not you made poor decisions. 152 years 9 months 1 day. Age 14 at the very latest You will always have debt as long as there's taxes, property taxes and car n health insurance and those pesky utilities bills to be paid oh and forgot to mention cell phone bills and the need to have it upgraded every yr. 😆

What a schmuck headline. How disbarring to the millions of folks currently being prohibited from going to work due to mandated shutdowns, prohibited from earning paychecks, forced to dwindle savings, grow debt, lose housing.. sacrificing... in the name of “safety” 🙄 Headline ! At what age should you stand up to the government and say I do not want to give you 40% of my paycheck so I can pay my debt

If I left the cred-o-sphere in my 30s and lived pure cash into my 40s... I did it right, right? The federal government should pay off all debts. No more student loans, no more credit card debt, no more mortgages,. Imagine all the people... Don’t go into debt. Live within your income. 💰💰💰 good luck never at this rate

25....and you'd better know where the hell you are going and have a Strategic Plan in place with a viable Tactical Plan in the wings.... IF NOT.... welcome to Uber Why pay off debt when you can just take it to the grave with yourself?