How many actually make it to BS 7 ?
I have always wondered the percentage of folks who start the steps actually make it to the end. Has anyone heard of actually stats or direct me to a link ? Once I heard that only about five percent actually hang in there long enough to fully pay the mortgage and achieve total debt freedom. This makes sense to me, I know of several people who in the last couple years "upgraded" to bigger houses (thus reloading their debt) or bought houses later in life! For my part, I will never go back to that once my mortgage is gone next year.
There is also the questionable number that Dave always mentions - "The typical homeowners pays off his mortgage in 10.2 years". In my opinion it is actually unclear if this is accurate; some have said that this includes refinances and purchases of new homes, not actually fully getting rid of all mortgages.