The time required to become debt-free depends on the amount owed, interest rates, monthly payments and the chosen approach. A balance transfer can offer up to 21 months at a zero interest rate, while a debt consolidation loan generally lasts two to seven years. A debt management plan often takes three to five years, debt settlement two to four years, and Chapter 7 and Chapter 13 bankruptcy proceedings approximately three to six months and three to five years, respectively. These options involve costs, interest and credit-report consequences that can remain for seven years, or up to 10 years for Chapter 7 bankruptcy.
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