One quarter of Americans in debt expect to die in debt
11 replies, posted
Most U.S. adults are in debt, and a quarter of those who owe expect to die that way. So finds a troubling new survey from CreditCards.com, which found that nearly two-thirds of
debtors don't know if or when they'll ever pay it off, while 25 percent don't think they'll manage to climb out of the hole during their lifetime.
Most millennials don't expect to shed all their debt until age 43, versus 54 and 66 for Gen-Xers and Baby Boomers, respectively, according to the poll. Households with annual income
of less than $50,000 think they'll be out of debt the soonest, forecasting 47 as the average age they'll be debt-free, while those earning more than that amount said don't expect
to be in the clear until their mid-50s.
The findings reflect the increase in income inequality in the U.S. in recent decades, Creditcard.com analyst Ted Rossman told CBS MoneyWatch. "Two extremes are emerging here -- a
lot more more people are currently debt-free, and a lot more people expect to die in debt."
The news isn't all bad. Some 34 percent of Americans do not carry any debt, up from 14 percent in 2014, when more households were still struggling to recover from the housing crash.
I have no intent to actually pay off my debts.
They'll never get their money back, bwar-har-har
It just becomes the norm, doesn't it?
I earn decent money, but I've been in debt since my uni days, which was about 5 years ago now. You just get used to living out of that overdraft.
My friend's phone number was apparently associated with somebody who had 50k in student debt, so he'll receive automated messages for someone named "Cleveland" who apparently is in deep shit because he has yet to pay off his debt.
Cleveland, if you're out there, PLEASE inform the IRS that you've changed your number.
Yeah, I have no illusions that my parents will never be fiscally free again. At least my own slate is clean, I just wish I could do something about the tens of thousands in debt they've piled up over the years.
this is why I carry enough life insurance to pay off my debts in case something does happen manufacturing is a hell of a lot safer than it used to be but its still quite possible to get killed, and I don't want to leave that debt to anyone.
Lol it's probably going to be a larger percentage than that.
If he's 50k in debt then i'm pretty sure he rather the IRS not be able to contact him in any way.
Not sure if you're serious, or if the messages actually claim they're from the IRS, but just an FYI to anyone reading. The IRS will never call you unless you've initiated a conversation with them already or are calling their office about something. To my knowledge the only communications the IRS will send you to initiate contact regarding debt or otherwise will be through certified mail.
Young people should consider not going to college. It may not be worth it, depending on the degree. Even then, you may end up never paying it back
So how fucked is the economy if everyone just collectively stopped paying off debts
Like, what's even stopping this from happening?
For real. My brother did drywall for a summer or two when he was 16/17. Now he works as part of a carpenters union and makes $26/hr ($54k base), but with all the overtime, he's pulling close to 65k before taxes. No student debt to speak of. Just like Mike Rowe, trade jobs, people!
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