Dying in Debt

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.
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  1. I'm near retirement, although I feel especially sad for the younger people of today. I've even heard of recent law student graduates who are still making under 6 figures even 1 to 2 years out of law school. First, most law school graduates would not except any job that pays less than $100,000. There's nothing magical about that number, just that it's a nice 6 figures. The fact that I'm hearing cases of kids taking jobs at less than $100,000 is a frightening sign of the economy. And the fact that some recent law school grads are still under 6 figures even 2 years out of law school should tell that that something is terribly wrong with this economy.

  2. If you are using a lawyer who only makes $100,000 a year - be warned that you get what you pay for. The only lawyers making that small of a salary are, just as you mentioned, recent graduates. As in, they just graduated about last week, literally. One-hundred K is like the bottom of the barrel, minimum wage scale for lawyers that only those in the bottom of their class would even consider taking.


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