Debt is not necessarily a bad thing – it allows us to acquire large and valuable assets like homes and cars. However, debt is also supposed to be manageable and temporary. According to a recent study, too many Americans are expecting their debt to become a permanent condition.
The 2017 Northwestern Mutual Planning and Progress Study found that 14% of Americans expect to be in debt for the rest of their lives, and another 36% expect to be in debt between six and twenty years.
Debt levels are so high that 45% of respondents with debt devote up to half of their monthly income to debt repayment. Almost half (47%) of Americans have at least $25,000 in debt and over 10% have debts in the six figures. Given that 29% of respondents list mortgages as a top source of debt, $25,000 sounds reasonable – until you consider that the average debt is $37,000 without consideration of mortgage payments.
Credit card debt can play a large role in the feeling of debt hopeles...
from MoneyTips https://www.moneytips.com/nearly-half-of-indebted-americans-spend-half-their-income-on-debt-repayment/611
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