A recent poll by CIBC found that Canadians with some form of debt expect to be debt-free by 53.
Mortgages are probably a big reason why they don’t expect to have their debt paid off until their early 50s. But some have been able to reduce their mortgage to zero in their late 20s or early 30s.
How did they do it? It takes a lot of sacrifices and sometimes even a second job.
The Financial Post recently profiled three people who managed to pay off their mortgage before they turned 35.
And it also profiled another young Canadian who expects to pay off his mortgage by 31.
While it’s great to have a large amount of debt paid off, is it the right decision when mortgage rates are near record lows?