Will You Die in Debt? Let’s get financially fit in February!
According to CreditCards.com, Americans are more optimistic about getting out of debt during their lifetime. Millennials feel that they are least likely of dying in debt but seniors feel that they are more likely to die with some debt.
Today, as we celebrate our son’s 21st birthday,
HAPPY BIRTHDAY al-MALIK GLORIAN BLAKE
I pray that his student loans are paid off far in advance of his retirement because I definitely wouldn’t want to go into mine with that debt.
Seniors who are living on a fixed income feel as though they won’t be able to keep up with inflation with the cost of living outpacing any interest gained in their 401K Retirement Plan or Social Security benefits.
You can read the entire post, however, these are a few of the main points:
- Millennials are the most positive about paying off debt. Nearly 60 percent of younger millennials (ages 18-25) think they can wipe out their debt by age 30. Members of the baby boom and Generation X were more likely to say they would die in debt or pay it off when they’re older than 60.
- Most people would save the extra money if the debt was erased. Seventy-two percent of debtors said they would save for retirement, an emergency, a new home or college if they no longer owed anything. Retirement (32 percent) was by far the most common answer.
- Many seniors would splurge. A mere 6 percent of respondents said they would spend their savings on a big-ticket item or a vacation if their debt was erased. However, members of the silent generation (ages 71 and up) said they were more likely to splurge than others.
- We think we’re better off than those close to us. Forty-eight percent of people who are in debt said they owed less than their close friends and family, and 37 percent said they had about the same. Only 9 percent said they had more.
- 53 and debt free. The average age people expect to be debt-free has changed little from previous years’ surveys (53 in 2016, 54 in 2015, and 53 in 2014 and 2013).
The scientific survey of 1,000 consumers, including 614 who have debt, was conducted via landline and cellphone Dec. 8-11, 2016.
“I think millennials are going to be very different from their Gen-X and Boomer peers, in the same way, people who went through the Great Depression were different from generations that came before and after them.”
— John Pelletier
Champlain College Center for Financial Literacy
On the blog, I am kicking off the month with the theme Financially Fit in February, and there will be articles with tips on getting your financial house in order.
A few weeks ago, I interviewed Courtney Richardson, The Ivy Investor on Social Media Sunday with the Delaware Blogger Podcast. We discussed many ways in which to save money and tips on investing even with limited amounts of funds.
I will post highlights of that interview on Monday, but invite you to listen to the Podcast today, then leave a comment as to which ways you found to be useful in saving money.
There are also many ways in which to earn some extra money to cut down on your debt and next week I will feature a guest post written by Christine Hill, entitled “8 Hobbies That Will Make You Money”.