How To Pay Off Debt Of Over $15k Quickly (In Just Under A Year)

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Paying off $15K in debt in less than a year shouldn’t be impossible—it’s possible.

If you have been wondering how to pay off debt of over $15k or if it is even possible to pay it all off in a year, then the answer is YES.

I can’t blame you if you want debt to be gone quickly and for good.

Thinking of how to pay off $15K debt is stressful and causes sleepless nights. You feel helpless, you’re full of worries, and you feel trapped.

This is because debt is such a significant burden in life.

How To Pay Off Debt Of Over $15k Quickly (In Just Under A Year) - My Worthy Penny (1)

If you are new to debt management, check out this post on Beginner’s Guide to Better Money Management.

I know this because I have debt. I do not stop thinking of ways on how to pay off debt and how to crush it for good.

Whenever I look at the total amount of debt we owe and think of how long we have to pay it for, I cannot help but cringe.

As a result, I sometimes get discouraged (maybe a lot of times).

I feel this way because it seems so impossible to get it down to zero. Do you feel that way too?

However, what if I tell you that it is possible?

And yes it is possible. Other people have done it, why can’t I? Why can’t you?

How To Pay Off $15K In Debt Fast

Reading about success stories on how other people were able to pay off their debt in such a short time motivates and inspires me to continue tackling our debt.

These debt-free stories will surely inspire you as well to keep going on your journey to a debt-free life.

How to Pay Off $35,000 Of Debt In 6 Months

Here is a success story of a couple who had a mountain of debt from their veterinary school.

They made some changes in their lives and were able to pay $35,000 in just six months. Check out how they did it.

How We Paid Off $20K Of Student Loan Debt in 12 Months!

This is a success story of a couple who was able to pay off $20K of student loans in just 12 months.

How I Paid Off $40,000 In Student Loans in 7 Months

Here is an article about a success story of someone who was able to pay off $40K of student loans in just less than a year by using the right student loan repayment plan. Check out how she did it.

How We Paid Off Almost $32,000 In Debt In One Year

This is a success story of how a couple paid off $31,914.14. These debts came from cars, several student loans, some medical debt, and house debt.

According to them, it was not easy! Check out how they did it.

How I Paid Off $15,000 Of Debt In A Year

This is a success story of how a couple paid off $15K of debt in a year and was even able to save $6000.

They shared some tips on how they were able to do it. Read their full story here.

OUR DEBT FREE STORY – WHY WE PAID OFF $53,000 IN DEBT

This is a story on how a couple decided to make the best decision in life to pay off $53,000 in debt and be financially free.

In their story, they shared the details of how they did it. Read their full story here.

How We Paid Off $35K Credit Card Debt In Less Than 12 Months

Of course, I will not end this post without sharing our own debt payoff story. At one point in our lives, we accumulated over $35K credit card debt and somehow we were not sure how we got there.

However, with great determination and desperation to get out of debt, we were able to pull ourselves out of that hole in just under a year.

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Final Thoughts On Paying Off $15K In Debt

There are things that the people behind these stories have in common. They were indeed willing to put in the work and stay committed.

And most importantly, they were all ready to make sacrifices.

Free Credit Counseling Advice for anyone oppressed by debt. Know All Your Options.

I hope these debt-free success stories were able to inspire you on your debt-free journey.

Moreover, I hope that you were able to learn some things from them and consequently, be able to apply these lessons in your daily life.

I know dealing with debt is hard and will involve a lot of sacrifices. However, you should always remember that these sacrifices are only short term.

Most importantly, focus on the long term effect, you will be financially free, and it will be all worth it.

If you are ready to tackle your debt, let the Debt-Ditchers Workbook help you. Use code “snowball” for a 20% discount!

Were you able to learn some tips on how to pay off debt of over $15K?

How To Pay Off Debt Of Over $15k In Less Than A Year

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How To Pay Off Debt Of Over $15k Quickly (In Just Under A Year) - My Worthy Penny (2024)

FAQs

How can I pay off $15,000 in debt fast? ›

Here are four ways you can pay off $15,000 in credit card debt quickly.

Take advantage of debt relief programs.
Use a home equity loan to cut the cost of interest.
Use a 401k loan.
Take advantage of balance transfer credit cards with promotional interest rates.

Nov 1, 2023

How long should it take to pay off a $15,000 loan? ›

It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

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How to aggressively pay off debt? ›

Make debt payments beyond the minimum.

Making more than your required minimum payment can help you pay off debts more quickly and save money in interest charges. Earmark unanticipated funds, such as your tax return or a bonus, for debt payments.

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How long will it take to pay off 15k debt? ›

A minimum payment of 3% a month on $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month. By the time you've paid off the $15,000, you'll also have paid almost as much in interest ($12,978 if you're paying the average interest rate of 14.96%) as you did in principal.

What is the Canadian Debt Relief Program? ›

You work with a counsellor who negotiates with your creditors to consolidate your debt payments into one monthly payment you can afford at an interest rate that is either substantially reduced or eliminated. Many provincial governments and government agencies support this program by referring people to it.

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How to pay off $18,000 in debt fast? ›

7 ways to pay off debt fast

Pay more than the minimum payment every month. ...
Tackle high-interest debts with the avalanche method. ...
Set up a payment plan. ...
Put extra money toward paying off your debts. ...
Start a side hustle. ...
Limit unnecessary spending. ...
Don't let your debt hit collections.

May 9, 2023

Is 15k debt a lot? ›

It's not at all uncommon for households to be swimming in more that twice as much credit card debt. But just because a $15,000 balance isn't rare doesn't mean it's a good thing. Credit card debt is seriously expensive. Most credit cards charge between 15% and 29% interest, so paying down that debt should be a priority.

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What is the 15 3 rule for loans? ›

You make one payment 15 days before your statement is due and another payment three days before the due date. By doing this, you can lower your overall credit utilization ratio, which can raise your credit score. Keeping a good credit score is important if you want to apply for new credit cards.

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What is the monthly payment on a 15k loan? ›

The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.

Is it smart to aggressively pay off debt? ›

Accelerating your debt payments may reduce how much you pay in interest in the long run, but if you ever face a job loss, unexpected expense or emergency in the future, you could be left in a much worse spot without an appropriate cash cushion to fall back on, argues Joe Lum, a California-based CFP and wealth advisor ...

What is the best method for paying off credit card debt? ›

If you want to get out of debt as quickly as possible, list your debts from the highest interest rate to the lowest. Make the minimum monthly payment on each, but throw all your extra cash at the highest interest debt.

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How to pay off 10k in debt in 12 months? ›

The simplest way to make this calculation is to divide $10,000 by 12. This would mean you need to pay $833 per month to have contributed your goal amount to your debt pay-off plan. This number, though, doesn't factor in the interest on your debt.

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How long does it take to pay off the $10000 debt by only making the minimum payment? ›

1% of the balance plus interest: It would take 29.5 years or 354 months to pay off $10,000 in credit card debt making only minimum payments. You would pay a total of $19,332.21 in interest over that period.

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Which method is best to pay off debt the fastest? ›

Consider the snowball method of paying off debt.

This involves starting with your smallest balance first, paying that off and then rolling that same payment towards the next smallest balance as you work your way up to the largest balance. This method can help you build momentum as each balance is paid off.

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What's the fastest way to pay off debt? ›

Here are five of the fastest ways to achieve debt freedom: