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.
Two car loans and you are looking at $70,000+.
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
****************
That’s why I bought stock in Visa a long time ago.
If one lived in CA and this included mortgage debt, millions there would rejoice!
100% debt free 10 years now, every monday i owe nothing to noone after paying the usual bills
That mortgage thing is confusing to some. I know a guy that owed on his camper, his boat, his pickup and his house. I said he best get out of debt before he retires. He came back at me a couple weeks later and said he was out of debt, and then he retired.
What he did was refinanced his house to pay off all other debt. He wound up with higher house payments but does not believe his mortgage is debt.
We retired Scott free out of debt and remain so to this day. Any money left over after paying bills is ours to spend as we wish.
My wife and I went full gonzo for 5 years, paid off everything including mortgage and put 6 months expenses in a savings account. We also keep 2 months expenses in checking and budget like we are broke.
This was not an easy thing to accomplish and quite exhausting but now that we have achieved this we have discovered that we really don’t need all the crap most people think they need to be happy. All that pain we endured while on our mission to become debt free has become habit. We are not going back there (the debt hole), ever. It was a great teacher and if it had been easy I think we would struggle to remain debt free but we have no interest to ever again become a slave to a bank. Debt free is a great way to live.
For once, it’s nice to be below average.
The article asks, “What would you do to be completely debt-free?”
Are any of the options; don’t get a new car every 2 years, don’t go out to eat every night, don’t buy designer clothes, etc.
Everytime I get out of debt a new dental issue pops up with some one in my family. Dental insurance is a joke and the cost of dentistry is a financial killer.
“Average American has over $54,000 worth of debt”
Good grief! I get agita just thinking about it.
No debt for us but we do use credit cards.