What age should you be debt free by on average?

vitalyzdtv

Considering you go to university and have a mortgage, what age is realistic to become debt free

copperclock

I don't think that student loans or mortgage truly counts at debt. Not in the same way as consumer debt. Also, many people will be paying off student loans until retirement because of they way they work these days.

In fact, many people will be paying off mortgages into retirement because they're buying houses later and later (if at all).

John_Gray

It would be good to be debt-free when you die, to make things easier for your executors. Any time before then would also be good...

Just how long is a piece of string?

enthusiasticsaver

There are too many variables to give a definitive answer to that question. Student debt now varies widely due to the different schemes and ability to pay due to salary. Some will never pay it off. Mortgages also vary according to whereabouts in the country you live as some are more affordable areas than others. I am not even sure why you are asking as surely an average age to be debt free is irrelevant as we all have different circumstances.

sourcrates

I think not getting into debt in the first place is what people should strive for, but in the real world, that is of course impractical, you cant really pin it down to a specific age, its all about circumstances really, debt only becomes a problem when you struggle to repay it.

Jon_B_2

I’m sure we’d all like to be completely debt free by retirement...

enjoyyourshoes

Agree with copper clock, good debt (as MSE) can be classed as Student loans plus mortgage.

Mortgage term tends to be 25 years , so if take mortgage in mid 20's, mortgage free by 50's approx.

If you 'learn' at young age about finances, managing your money, saving for 'things' then you should be debt free for most of your life. Unless unexpected financial catastrophe occurs.

Key is to save instead of borrow, learn about personal finances and don't jump into hasty decisions, know where you are financially every day, accrue for medium term expenses, and spend less than you earn !

Sharon87

Take a mortgage at mid 20s? In reality that won't happen for most people these days, except those with the bank of mum and dad of course or the very lucky!

It's a very broad question. I used to be debt free, then I got into debt. Now I hope to be debt free by the age of 33/34. I also still rent, so no mortgage for me (quite possibly ever if I still want to live in London!)

But other people may be debt free earlier or later. There's no right or wrong answer. If you're in debt, the most realistic is whatever you can afford.

[Deleted User]

My aim for years was to be totally debt free by the age of 50 I achieved this at the age of 52,

henrik1971

I think most people want their liabilities for debts to end before they retire - so mid 60's. If they can do it sooner - great.

I think the big change i've noticed with colleagues and friends in recent years, is that people are working longer even if they are mortgage free and have made financial provision for their old age. Five or ten years ago I used to know quite a few people retiring in their early 50's. Now they are working on - usually either to assist children getting on the housing ladder, or to fund 'Escape to the Country' type aspirational retirements, around-the-world cruises or holiday apartments in Spain.

fatrab

I'd say to be completely debt free including mortgage in your 50's is a good goal. I hope to be mortgage free by my 50th birthday but it will take a lot of commitment and a bit of luck.