Do You Expect to Still Be in Debt When You Die?
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iStock/Thinkstock(NEW YORK) — Here’s a depressing statistic: A new CreditCards.com report finds almost one in five Americans with debt think they will never get out of it. That’s double the nine percent who gave the same response last year.
The report finds that on average, Americans expect to be free of debt, including credit card debt, car loans, student loans and mortgages, at age 53.
Forty-three percent of those with debt expect to remain in the red at age 61 or later, including the 18 percent who predict they will still owe money when they die.
Other findings from the CreditCards.com report:
- 21 percent of whites with debt never expect to pay it off, versus 12 percent of non-whites.
- 38 percent have already incurred debt this holiday season, but 55 percent say it will be eliminated within one month, and 74 percent expect their holiday debt to linger no more than three months. Just five percent expect to still be paying their holiday debt a year from now.
- 44 percent of people between the ages of 50 and 64 have accumulated holiday debt, more than any other age group.
- Households with annual income of $75,000 or greater were the most likely to take on holiday debt.
The survey was conducted from Dec. 4 to 7, 2014, and involved a nationally representative sample of 1,001 U.S. adults.
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