This question is asked a lot of people that have a high number of student loans. The first thing to realize is that you cannot simply pay off the student loans on your own as it is likely to end up causing financial problems and loss of income as well.
As such, you want to know how long it will take for you to pay off the school loans and the credit card debts that you have incurred as well. While it would be nice to say that you can simply pay the school loans off in five years, this just is not true.
In fact, the repayment schedule that you are used to in college with regard to school loans may be the same as the exact one that you face in getting out of debt. For example, if you took out a loan to attend a private school, you are going to need to pay that amount off every month for at least five years.
As such, you will need to get a higher limit on your credit card debt or possibly consolidate all of your debts into one. In addition, you will need to find a way to consolidate the loans that you have paid off.
Now, what if you have a lot of federal loans? Now, the way to think about them is that you can pay them back over a longer period of time, but you may be stuck with a much higher interest rate on your debt, even after you consolidate them all into one new loan.
What if you have credit cards that have been maxed out and are still owed? What if you have many business credit cards that you need to pay each month?
These are just some of the reasons that you may need to take out new loans. While it would be nice to simply pay off the current loans and the credit card debt that you have, this is simply not going to happen.
Furthermore, you may be tempted to just throw in the towel and start filing bankruptcy as there is no guarantee that you will get anything at all from filing for bankruptcy. However, this is only going to hurt you further as well.
As such, when you are thinking about how long it will take to pay off the federal debt, you need to look at the entire loan over the course of several years. As such, you should be willing to accept some level of financial hardship that comes with this.
As such, you should not expect to pay off all of your credit card debt immediately, but instead you should make sure that you pay a great deal of it off. What is more, you should try to set up a payment plan that works for you rather than just going through the motions of paying your credit card debt.
In addition, you should make sure that you make at least a good chunk of money to pay off your other debts, but you also need to avoid any of the drastic things that you could do by overspending. With this, you will be able to pay off your credit card debt while still maintaining a reasonable monthly payment for your other loans.
To answer the question of how long will it take to pay off 50k in student loans, you need to keep in mind that you are dealing with a variety of different debt types and you will need to deal with them all in a short period of time. In this regard, you do not want to rush yourself because you may find that you have already fallen behind on the payments on your bills and do not make it out of debt until you are in serious financial trouble.