One-fifth of Americans don't plan to pay off their debt

Yahoo Finance ^ | 12-10-2014 | Kelley Holland

[Citizen Zed]

The golden years are going to feel a bit tarnished for almost one in five Americans.

In a personal finance survey published today, 18 percent of the respondents said they expect to be in debt for the rest of their lives. That is double the percentage who expected that in May 2013, the last time the survey was conducted.

Credit card indebtedness has increased moderately since the 2013 CreditCards.com survey, said Matt Schulz, senior analyst at CreditCards.com.

In contrast, student loan debt rose from an aggregate of $390 billion at the end of 2005 to $966 billion at the end of 2012, according to data from the Federal Reserve Bank of New York. Average student loan debt topped $30,000 in six states, according to the Project on Student Debt.

"We've all seen the student loan debt numbers, and credit card debt is increasing, and even though the job market is improving it's certainly not humming along, and there is data about people's salaries not growing quite as quickly as people had hoped," said Schulz. "You just wonder if it has all come together to create this unease."

Survey respondents who expect to pay off their debts anticipate doing so at an average age of 53. But in addition to the 18 percent who expect to owe money forever, another 25 percent expect to be in debt until at least age 61.

[Blue Collar Christian]

If only.

[CorporateStepsister]

It happens because too many idiots take university schooling as a means of delaying taking on adult responsibilities. So instead of working and paying their way, they treat loans as a means to a continued free ride and the university like an extension of home, like the dream home they always wanted to grow up (haha) in.

[minnesota_bound]

I will have my credit cards paid off sometime by February then hopefully I will not be stupid and run up the bill.

It is those credit card payments that tie you down.

[arthurus]

If you have your banking and CC on the computer make it a game to keep the balance at Zero. It’s hard at first then becomes more important than buying stuff as it becomes a habit.

[brewer1516]

I don’t use government or corporations as a baseline for my moral code. They’ve proven themselves woefully lacking. But I guess that’s your point.

[petercooper]

I was speaking of people who consciously run up their debt, file for bankruptcy to get out of it, and do it again. These people are the types of people who have no qualms about leaving their debt to others. Just like Obama and the Dems and some RINO’s. I bet if you did some research, you would find a greater % of people on the dole that support Obama rather than Ted Cruz.