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

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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?

When I need motivation, I listen or read success stories. Real experiences from real people inspire me a lot.

So in this post, I rounded up some success stories on how to pay off debt of over $15k in less than a year.

I carefully chose these debt-free stories because they are real experiences from real people who also struggled with debt.

These debt payoff success stories will provide inspiration and motivation to those who are currently dealing with debt and are struggling to stay the course.

The people behind these stories will not only tell you that it is possible to pay off tons of debts. Above all, they will also share with you the details of how they did it.

Don’t forget to grab this FREE Debt Snowball Tracker to start paying off your debt.

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.

According to them, it took them a lot of hard work and perseverance. Check out how they did it.

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?

Related Debt Payoff Articles:

  • How To Pay Off $10K in Credit Card Debt
  • How To Pay Off $25K In Credit Card Debt
  • 5 Best Debt Payoff Tips That You Should Know
  • Is it Possible To Do Couponing To Be Debt Free
  • How To Use Debt Ditcher’s Snowball Tracker
How To Pay Off Debt Of Over $15k Quickly (In Just Under A Year) - My Worthy Penny (3)

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 to pay off 15k in debt fast? ›

Here are four ways you can pay off $15,000 in credit card debt quickly.
  1. Take advantage of debt relief programs.
  2. Use a home equity loan to cut the cost of interest.
  3. Use a 401k loan.
  4. 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.

How can I get out of $20000 debt fast? ›

Use a debt consolidation loan

With a debt consolidation loan, you borrow money from a lender and roll all of those debts into one loan with a single interest rate. This allows you to make one monthly payment rather than paying multiple creditors.

How can I pay off large debt with low income? ›

SHARE:
  1. Step 1: Stop taking on new debt.
  2. Step 2: Determine how much you owe.
  3. Step 3: Create a budget.
  4. Step 4: Pay off the smallest debts first.
  5. Step 5: Start tackling larger debts.
  6. Step 6: Look for ways to earn extra money.
  7. Step 7: Boost your credit scores.
  8. Step 8: Explore debt consolidation and debt relief options.
Dec 5, 2023

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

7 ways to pay off debt fast
  1. Pay more than the minimum payment every month. ...
  2. Tackle high-interest debts with the avalanche method. ...
  3. Set up a payment plan. ...
  4. Put extra money toward paying off your debts. ...
  5. Start a side hustle. ...
  6. Limit unnecessary spending. ...
  7. Don't let your debt hit collections.
May 9, 2023

Is 15k a lot of debt? ›

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.

How much is a monthly payment on a $15,000 loan? ›

No origination fee or prepayment penalty. Representative example of repayment terms for an unsecured personal loan: For $15,000 borrowed over 36 months at 13.99% Annual Percentage Rate (APR), the monthly payment is $513. This example is an estimate only and assumes all payments are made on time.

How much would monthly payments be on a 15k loan? ›

Cost to repay a $15k loan
Repayment termInterest ratepayment
2 years5%$658
3 years6%$456
4 years7%$359
5 years8%$304
2 more rows

What happens if I pay two extra mortgage payments a year? ›

Just making two extra mortgage payments a year can shave years off the life of the loan and save you tens of thousands of dollars; here's one strategy to get started.

Is national debt relief legit? ›

The Bottom Line. National Debt Relief is one of the best companies when it comes to debt settlement—but debt settlement is risky, and it's costly even when it's successful. Debt settlement companies like NDR can and do provide help to people who need it.

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

Here are five of the fastest ways to achieve debt freedom:
  1. Take advantage of debt relief services. ...
  2. Reduce interest where possible. ...
  3. Focus on your highest interest rate first. ...
  4. Take advantage of opportunities to earn extra income. ...
  5. Cut expenses where possible.
Mar 11, 2024

What is the avalanche method of paying off debt? ›

With the avalanche method, you pay off the balance with the highest APR first, then work your way through all your debt from highest to lowest APR. Some financial experts prefer this method because you end up paying less overall in interest.

Can I get a government loan to pay off debt? ›

Government and other relief programs offer grants – money that doesn't have to be paid back – to help with living expenses and more, for those who qualify. While there are no government debt relief grants, there is free money to pay other bills, which should lead to paying off debt because it frees up funds.

Who can help me clear my debt? ›

Meeting with a credit counselor or financial advisor can help you understand all your options for getting out of debt. Professional advisors can guide you through the best strategies for your particular situation. A credit counselor may also provide support when you meet with your creditors.

How to pay off $6,000 in debt fast? ›

Pay off your debt and save on interest by paying more than the minimum every month. The key is to make extra payments consistently so you can pay off your loan more quickly. Some lenders allow you to make an extra payment each month specifying that each extra payment goes toward the principal.

How can I pay off 10k in debt fast? ›

7 ways to pay off $10,000 in credit card debt
  1. Opt for debt relief. One powerful approach to managing and reducing your credit card debt is with the help of debt relief companies. ...
  2. Use the snowball or avalanche method. ...
  3. Find ways to increase your income. ...
  4. Cut unnecessary expenses. ...
  5. Seek credit counseling. ...
  6. Use financial windfalls.
Feb 15, 2024

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.

How to pay off 17k in debt? ›

Here are seven tips that can help:
  1. Figure out your budget.
  2. Reduce your spending.
  3. Stop using your credit cards.
  4. Look for extra income and cash.
  5. Find a payoff method you'll stick with.
  6. Look into debt consolidation.
  7. Know when to call it quits.
Feb 9, 2023

How do I pay off debt aggressively? ›

The snowball method focuses your repayment efforts on your smallest debts, regardless of your interest rates. With this strategy, you'll rank what you owe from the smallest balance to the largest. Then, pay the minimum amount each month on all debts, but focus the majority of your efforts on that smallest account.

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