Debt freedom is difficult but not impossible

Canadians may be overly optimistic when it comes to predicting their "debt freedom day"?, a new report by CIBC reveals. But that doesn't mean debt freedom is out of grasp - it just takes a little more effort and planning than one would expect.
According to the CIBC report, regardless of an individual's age group, most Canadians believe, on average, that they will be debt-free 10 to 15 years from their current age. In reality, very few will actually reach this goal - only 18% of 45 to 54-year-olds are debt free, and only 35% of 55 to 65-year-olds have achieved their debt freedom goal.
If you're hoping to eliminate your debt over the next decade or so, it should be noted that it is possible - it just takes a bit of work. If you're interested to hear how others have done it, check out these stories of debt freedom:
http://www.milliondollarjourney.com/how-to-become-mortgage-free.htm
http://zenhabits.net/the-10-key-actions-that-finally-got-me-out-of-debt-or-why-living-frugally-is-only-part-of-the-solution/
http://sarawharding.hubpages.com/hub/How-We-Became-Debt-and-Mortgage-Free
http://thecompleteself.com/blog/how-we-became-debt-free-from-40k-in-past-due-debt-to-over-30k-extra-cash-in-the-bank-part-1-of-3/
While these case studies may not represent your ideal path to debt freedom, there are a few common truths to debt elimination that every person should expect to follow:
1)    Becoming debt free doesn't come without sacrifice. Whether you're planning on paying off your mortgage in three years or becoming completely debt free in 15, you're likely going to have to evaluate your spending, buy only what you can afford and forego a lot of items that fall into the "want" category.
2)    Establish a plan - and stick to it. Whether you sit down with a financial planner to talk about your goals, or establish a budget and pay-off plan yourself, the idea is to establish a path, stick to it and revise when necessary.
3)    Start saving. Cash is king, and the bigger cushion you have, the better. While it's often difficult to do, the bigger your cushion for retirement, emergencies and luxury spending, the less likely you'll be to accumulate debt.
4)    Avoid credit when you can. This goes with the above point - almost all the individuals in the above case studies eliminated their debt first, and then set out on a goal to eliminate credit from their lives. Whether it's a credit card or a line of credit, it's quite easy to borrow more than you can pay off.
"A mortgage has a beginning, a middle and an end,"? Marta Stiteler, a financial planner with the Pillar Retirement Group, told the Hamilton Spectator. "Lines of credit are perpetual. A lot of people don't even really see them as debt. Their incredible popularity has made this carrying of debt last forever."