Wednesday, October 7, 2015
Dying in Debt, the new reality?
According to a new survey almost one in five Americans in debt expects to die while still in debt, and more than a third of American consumers already are shouldering new loans during this holiday season.
The CreditCards.com survey found that 17 percent of all Americans who are 65 or older believe they will never get out of debt. When we tighten the focus to people that age who now are paying off loans, the pessimism is far more profound: 31 percent -- nearly one in three -- believe they will die as debtors.
The national survey, commissioned by CreditCards.com and conducted the first week of December as the frenzy of holiday shopping approached critical mass, found that for many Americans, debt will be a lifelong, inescapable companion.
In fact, 18 percent of those already in debt expect to take their loans to the grave. That's double the 9 percent who expressed that pessimistic view the last time CreditCards.com asked the question in May 2013. This time around, another 11 percent don't expect to get out of debt until they're at least in their 70s. The average age people expect to achieve freedom from debt is 53, the same age as in 2013.