Posted on 06/26/2023 6:25:25 PM PDT by ChicagoConservative27
NEW YORK — What would you do to be completely debt-free? A new survey finds Americans would give up social media for a year (32%), spend a night on a remote island (31%), and even go a month without internet access (29%). According to the poll of 2,000 U.S. adults, the average person feels they could only stay debt-free for eight-and-a-half weeks (less than 3 months) before accruing new debt.
The research also measured people’s confidence in their ability to remain out of debt, revealing only 38 percent feel “very confident” in this regard. The most uncertain respondents (384) shared some of the reasons, including the rising cost of living (54%), unexpected expenses (46%), rising interest rates (29%), not having enough support from others (20%), and feeling the need to spend to keep up with others (16%).
(Excerpt) Read more at studyfinds.org ...
Very poorly written article.
In one part, it says respondents include a mortgage as a hindrance to getting out of debt; in another, it includes mortgages as part of the debt.
So, if you own a home with a small mortgage, and have no other debt, are you considered to be “in debt?”
This article needs to clearly define the terms it uses.
Does that survey include home mortgages?? I would think most home owners have mortgage balances more than $54,000.
Gezzzz
Does this include mortgage debt? I’d do any of those things if someone would pay off my entire mortgage. We don’t have any other debt except a credit card each, and those get paid in full every month.
If you can't clear the mortgage tomorrow without crimping your cash flow and/or lifestyle, I would consider you to be "in debt".
If you can clear the mortgage, but are using it for certain advantages, then you're not in debt.
Perhaps a better question, does this include those with debt but a high net worth?
Some of us have a substantial amount of investments growing either in tax free or tax deferred accounts (my wife and I have some of each) and don't want to withdraw from those accounts to pay off a low fixed interest rate mortgage. The same when we were working and decided every month that the extra in our budget was best going into our Roth IRA's and Roth 401K's than paying extra principal on the mortgage.
But it'd be lying to describe us as "living in the red".
see my post #7
Two car loans and you are looking at $70,000+.
If they included mtgs in that figure it would average well over 100k or 200k per person
Yes.
I described your situation in my post #7.
With inflation continuing, and real wages dropping every month, people don’t so much love credit cards as they depend on them to survive. Rising CC debt is a strong indicator of where the economy is headed— nowhere good, obviously.
MOAR STUFF seems to be the main issue. Expect that no one is going to give you free money. Live below your means and save your money to have a good life.
Medical debt crushed us for over a decade.
Now, the credit card is only used for major purchases and paid off with 2 months. Other than a small balance on our house, everything else is paid in full with cash.
People seem to love the credit cards
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That’s why I bought stock in Visa a long time ago.
Same with us. We have a modest mortgage which is very affordable and far less than renting. The house has doubled or tripled in value over the last decade.
A guy buying a new pick up truck goes $50,000 in debt.
If one lived in CA and this included mortgage debt, millions there would rejoice!
Two car loans and you are looking at $70,000+.
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We have two cars, no loans. Some maintenance expenses here and there, but no payments. I get lots of smiles per gallon.
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