Survey: 50.8% Plan to Be Debt-Free Within 5 Years

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Over half believe they can wipe out their obligations in just a few years; 10% think it will take more than 20 years, according to a survey

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More than half of survey respondents are optimistic about getting themselves out of debt, says a new survey by credit card comparison website The national survey of more than 1,100 Americans found that 8.8% plan to get out of debt in less than 1 year. Another 42% believe it will take them less than five years to pay off their debt.

These findings reveal that many consumers see an end in sight to their personal debt, explains Charles Tran, founder of The rest of the survey respondents are less optimistic. Just over 28% said they will need 6 to 10 years to pay off their debts, 11.1% said it will take 11 to 20 years, and 9.8% predict they won’t be debt-free until at least two decades from now.

The actions consumers plan to take to wipe out their obligations vary. Most, nearly 79%, plan to budget their way out of debt. 52% plan to get another job. Almost a third, some 31%, plan to negotiate with creditors, and nearly 13% will consider bankruptcy.

To view the full survey results, visit polled 1,105 Americans on their savings and debt between September 17 and September 25, 2012. frequently provides information on the credit issues, news, and trends facing Americans through proprietary market research and analysis. Visit to stay informed with credit card news, deals, reviews, and tips.

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Charles Tran
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