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Thread: 1 in 5 millennials with debt expect to die without ever paying it off

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    1 in 5 millennials with debt expect to die without ever paying it off

    1 in 5 millennials with debt expect to die without ever paying it off

    OK. The article says the average millennial has about $32K in debt not counting home mortgages. And they can't pay that off? I don't believe it.

    The average millennial (aged 18 to 34) had about $32,000 in personal debt, excluding home mortgages, last year, according to Northwestern Mutual's 2018 Planning & Progress Study. That debt can feel both crushing and endless.

    Just over 60 percent of millennials (classified here as those aged 18-37) with debt don't know when, or if, they'll ever be able to pay off what they owe, according toa new CreditCards.com report. That includes roughly 42 percent of millennials who don't know when they'll be able to wipe out their debt, and almost 20 percent of those who expect to die in debt.


    There are some bright spots in the data: Among those aged 18 to 30 with credit card debt specifically, 79 percent say they have a plan to wipe it out. On average, they expect to be debt-free by age 43, CreditCards.com finds.



    Still, a lot of young people are feeling trapped. A lot of older people, too: Over 35 percent of those over age 73 predict that they'll never pay off their debt.



    Molon labe

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    Millenials have been trained by progressive whacked out professor and a very flawed public education system to believe that they are entitled to everything free.

    When us babyboomers are all dead its going to be hilarious watching the millenials scratching their ass as to why theres no more money for them
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

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    My guess as to why these people are unsure if they will ever be debt-free, is that they fully expect to run up more debt; so, even if the current debt is paid off, other debt will not be.

    And so forth, ad infinitum.

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    Choosing not to be a slave to bankers was probably the best decision I ever made.

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    Quote Originally Posted by Common View Post
    Millenials have been trained by progressive whacked out professor and a very flawed public education system to believe that they are entitled to everything free.

    When us babyboomers are all dead its going to be hilarious watching the millenials scratching their ass as to why theres no more money for them
    Who knew that free stuff was so expensive?
    Molon labe

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    Quote Originally Posted by pjohns View Post
    My guess as to why these people are unsure if they will ever be debt-free, is that they fully expect to run up more debt; so, even if the current debt is paid off, other debt will not be.

    And so forth, ad infinitum.
    That is the only explanation.
    Molon labe

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    Quote Originally Posted by The Xl View Post
    Choosing not to be a slave to bankers was probably the best decision I ever made.
    You can use bankers without becoming their slave.
    Molon labe

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    Quote Originally Posted by The Xl View Post
    Choosing not to be a slave to bankers was probably the best decision I ever made.
    I have three grand-daughters who borrowed money to go to school. They borrowed the least amount possible. They worked to pay the rest. they are debt-free. I think they are special but not for this.
    Liberals are a clear and present danger to our freedom and our society and our morals.

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    Quote Originally Posted by Peter1469 View Post
    You can use bankers without becoming their slave.
    Yes, I have my checking account at a bank; and my savings account at a credit union.

    I just refuse to take out a loan from either--which would, essentially, then make me their slave.

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    Quote Originally Posted by pjohns View Post
    Yes, I have my checking account at a bank; and my savings account at a credit union.

    I just refuse to take out a loan from either--which would, essentially, then make me their slave.
    It depends. Can you re-pay it? What are you using it for? Do you needed it? Will it increase in value? Once you overextend yourself you become a slave.
    Molon labe

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