When will you be debt-free?

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When will you be debt-free?

Most people are vastly underestimating when they’ll be free from debt.

The typical person will clear their loans by the age of 69, but the majority expect it’ll be 12 years earlier.The average amount owed is just over 49-thousand pounds, including mortgages.Below is the average age that different age groups can expect to become free of debts, including mortgages, according to the analysis by Centre for Economics and Business Research;

16 to 24 – 74 years old
25 to 34 – 71 years old
35 to 44 – 69 years old
45 to 54 – 68 years old
55 to 64 – 67 years old

And here are how Cebr projects that people’s “debt-free birthdays” vary by region across the UK, including mortgage debts;

Wales – 56 years old
North East – 57 years old
East Midlands – 58 years old
Yorkshire and Humber – 58 years old
North West – 58 years old
Scotland – 58 years old
West Midlands – 67 years old
East of England – 69 years old
South East – 71 years old
South West – 72 years old
London – 77 years old

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