Study: 18% of Americans doubt they'll get out of debt

[Olde Hornet]

Do you feel you will get out of debt before you retire? The goal is to live beneath your means.

http://www.usatoday.com/story/money...say-they-will-never-get-out-of-debt/20197507/

About 18% of all Americans say they will never get out of debt, and 43% of those with debt expect to remain in debt at age 61 or later, according to a survey by CreditCards.com.

The statistics get more depressing for older Americans. Of those age 61 or older with debt, 31% say they will never get out from under. The survey includes mortgage debt as well as credit card debt. Median mortgage debt — half higher, half lower — soared 82% among people 65 or older from 2001 through 2011, according to the Consumer Financial Protection Bureau.

15% of white, non-Hispanic consumers say they will die in debt, while 9% of African Americans and 8% of Hispanics do.

• 44% of people ages 50 to 64 have accumulated holiday debt, more than any other age group.

• Households with annual income of $75,000 or greater were the most likely to take on holiday debt.

 

[LS Syndicate]

Do you feel you will get out of debt before you retire? The goal is to live beneath your means.

http://www.usatoday.com/story/money...say-they-will-never-get-out-of-debt/20197507/

About 18% of all Americans say they will never get out of debt, and 43% of those with debt expect to remain in debt at age 61 or later, according to a survey by CreditCards.com.

The statistics get more depressing for older Americans. Of those age 61 or older with debt, 31% say they will never get out from under. The survey includes mortgage debt as well as credit card debt. Median mortgage debt — half higher, half lower — soared 82% among people 65 or older from 2001 through 2011, according to the Consumer Financial Protection Bureau.

15% of white, non-Hispanic consumers say they will die in debt, while 9% of African Americans and 8% of Hispanics do.

• 44% of people ages 50 to 64 have accumulated holiday debt, more than any other age group.

• Households with annual income of $75,000 or greater were the most likely to take on holiday debt.

I do, but it's definitely an uphill battle at this point.

My plan is to retire at 65 and I just turned 34. Credit cards should be paid off by July 2015. I've been kind of working the Dave Ramsey plan, but I'm not waiting to pay off all of our student loans before buying a house, which is what he teaches in Baby Step 2. But I do plan to have all consumer debt paid off, then get me a 15- or 20-year mortgage. No way I'll sign up for a 30-year unless I knew I can tack an extra $300 a month on the principal.

 

[jsupop33]

I do, but it's definitely an uphill battle at this point.

My plan is to retire at 65 and I just turned 34. Credit cards should be paid off by July 2015. I've been kind of working the Dave Ramsey plan, but I'm not waiting to pay off all of our student loans before buying a house, which is what he teaches in Baby Step 2. But I do plan to have all consumer debt paid off, then get me a 15- or 20-year mortgage. No way I'll sign up for a 30-year unless I knew I can tack an extra $300 a month on the principal.

We are going through NACA and doing a 30 year-fixed at about 3%. I am planning to pay extra on my note though.