I have taken quite a few loans and most of them have been repaid ahead of time mostly because I do not want to keep a big loan in my name for long. I was out of debt for like 2 years but again I bought an asset and thus I went under the debt for another 5 years but I know I will try to repay it ahead of time. The thing which works in my case is the monthly budget and the payoff strategy.
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The monthly budget helps me to know how much money I can save per month after expenses, investments and other things. This money directly goes to another saving account where I accumulate for some time and then repay the debt. It's not that I want to repay the debt today itself, slowly and steadily I accumulate the money every month and thus after 5-6 months when I have some considerable amount then it's time to repay.
Now coming back to the Payoff strategy there are mainly two types of strategy, the Snowball method and the avalanche method. In snowball, you will be paying off the smallest debt first and in the avalanche method, you will be paying off the highest-interest debt first. Both are good strategies to have if you have multiple debts. Snowball helps in building confidence as well as motivation whereas avalanche helps in reducing the interest incurred in the longer run.
In my case, I was actually doing the Avalanche strategy because that helps me to reduce the burden of the interest. Like if I have a Credit Card Bill and Personal Loan, I will always target to complete the credit card bill because it has an interest rate of 15% whereas in Personal Loan is less than 10.5%. That means I will have savings of 4.5% per year.
Now once we have the budget in place as well as we know about our payoff strategy it will be much easier to get out of the debt. Just don't rush, getting out of debt takes time though.
