1 in 5 Americans will die in debt
Many Americans will spend the rest of their lives in debt. Fully 21% of Americans say they don’t think they will be able to pay off their debts -- including their car, credit cards, student loans and mortgages -- in their lifetime, according to a survey of more than 1,000 adults by CreditCards.com.
That’s up from 18% last year. In another study released earlier this year from the public policy research organization the Employee Benefit Research Institute, 13% of workers -- and 9% of retirees -- said they had a “major problem” with debt, and 38% and 22%, respectively, said they had a minor problem with debt.
The number of Americans who say they’ll die in debt may be on the rise for a number of reasons, including the fact that household debt levels are increasing and that people still have unease about the economy, says Matt Schulz, a senior industry analyst for CreditCards.com.Comment: Image edited with