How Long Does Debt Consolidation Really Take?
When working through overwhelming debt, it can feel like running on a treadmill — you’ve been putting in the effort, but you never feel like you’ve moved forward.
That frustration can derail your determination to get debt-free. And while it’s natural to fantasize about waking up tomorrow morning to find your debt has magically disappeared, the reality is that financial wellness is a process.
But that fact doesn’t mean you’re stuck on the treadmill forever. Debt consolidation can help you get free from credit card, personal loan, medical and Buy Now, Pay Later debts much faster than if you stuck to making minimum payments. But just how much faster is it? Let’s break down a typical timeline — and prove that getting debt-free isn’t always as slow a process as you’d think.
The Typical Debt Consolidation Timeline
For most people in Beyond Finance’s program, the journey to becoming debt-free typically takes between 24 and 48 months.
But when you’re stressed about how you’re going to pay the bills tomorrow, that can seem like a long time. Staying in your “comfort zone” — that is, making minimum payments — can actually take you much, much longer than our program (and cost you more).
Why? Because when you make minimum payments, 70-80% of your payment goes to interest. That means that each payment only applies to a small fraction of your balance, keeping you in mounting debt for potentially decades, not months.
When does debt consolidation take longer than 24-48 months?
Your financial journey is unique, and several factors influence how long your specific program might last.
- High debt balances: Generally, the more eligible debt you enroll, the more time may be needed to resolve it. Clients with higher balances can expect their program to last longer than those with less enrolled debt.
- Multiple creditors: Each creditor has different policies and negotiation styles — navigating these different approaches can extend your time in the program.
- Missing deposits: Making your monthly deposits regularly is key to getting out of debt as fast as possible. The faster you build your dedicated account, the sooner we can reach an agreement with your creditors.
Long-Term Transformation
Debt consolidation can get you out of debt faster — and it can also help you make major changes to the way you handle your money. By slashing your monthly payment on enrolled debts by 40% or more, you build real flexibility into your budget.
And because our program takes your many accounts and consolidates your responsibility into one, easy payment, you gain space in your brain as well. Combined, these benefits give you the opportunity to build better budgeting habits — and put yourself in a position to stay out of debt in the long-term.
Take the Next Step
The road to a debt-free life is a marathon, not a sprint, but you don’t have to run it alone. Whether you’re just starting to research your options or you’re ready to take control of your future, the first step is gaining clarity on your unique situation. And it’s easy to see where you stand with a free, no-obligation savings estimate with Beyond. Get yours, and give yourself all the information you need to make the best choice for your financial future.