We all incur debt during our lives, but will we ever become debt-free? A significant number of people say no. According to a new survey by Northwestern Mutual, 13% of Americans expect to be in debt until they die.
The Depths of Debt section of Northwestern Mutual’s Planning and Progress Study 2018 contains many other sobering debt statistics. The average debt among debt holders rose to $38,000 in 2018 – even though over half of respondents called debt reduction their top financial priority and approximately 20% of respondents allocate 50% to 100% of their income toward reducing debt.
It’s surprising that more people don’t expect to die with debt. Only 23% of survey respondents had no debt at all, down from 27% in the previous year.
Compare that with the 13% who expect to die in debt. Those figures imply that well over half of Americans expect to climb out of their existing debt and become debt-free before they die.
A 2017 survey by Credit.com …