I am not one of those. I don’t have much savings but I don’t owe anything, either. House is paid. Debts long ago paid. I don’t buy stuff on time.
Same here - house paid and both cars clear. Only "debt" is monthly credit card bill because we use it as a convenience instead of a way to buy stuff we can't afford. Retirement looks a lot nicer when you have a little saved up and your retirement/SS take care of necessary bills with a little left over. I don't know why a lot of folks I know don't have nervous breakdowns with their debt and no real retirement to rely on - I would be a wreck. of course, knowing that about myself helped me be able to deny myself of some things to plan and prepare...
I don't get the student debt thing. It's a bad idea, selling ones future to a bank. But having credit card debt or more than a minimal car loan before it's paid off? That's economic suicide.
My understanding, however, is that as you get older the credit card companies are starting to lower credit limits to prevent this sort of fraud.
This will most likely come as a shock to those who live for today.
Same here, but that doesn’t mean we’ll be able to continue to not have debt. I’ll probably the first generation in a long time not to leave an inheritance.
I will have my credit cards paid off sometime by February then hopefully I will not be stupid and run up the bill.
It is those credit card payments that tie you down.