Actually, 100% of all adults owe $20 trillion.
Um 100% of Americans owe someone else money, ever heard of the Federal Debt ?
one of the most freeing things ever is paying off all debt. When you are no longer paying interest you have more available cash. That extra cash accumulates and earns interest. Now you can start paying cash for big ticket items like home repairs and cars.
Count me in - I spent almost $6 at Aldi today, and I didn’t want to walk out with a pocket of change. So now I owe $5 and change to the bank on that credit card. Now, if you had posted yesterday....
Yes, that’s me. A baby boomer that just sunk myself in about 50 grand worth of debt at about 3%. I have surplus in my IRA to cover it, but after the recent stock market drop, it’s still making 10%, if it fully recovers, it will be 18% or better this year. So yes, why not.
But we do own a rather valuable home and several toys, all paid for. I do know some boomers 100% in debt, meaning they own nothing that’s free and clear.
In preparation for early retirement I reduced debt to mortgage only and that is comparatively small.
In 6-7 years I will have no debt.
Except what Uncle Sugar has generously run up in my name.
It depends on how you define ‘debt’. Everybody owes this month’s utility bill, for the gas and electricity they have already used. Even those who pay their CC bill in full every month still usually have some sort of balance that has not yet been billed.
That's a silly exaggeration. A $100,000 loan to buy a 4 plex with good cash flow and a $100,000 loan to buy a year long around the world vacation are different animals.
Misleading. The article doesn’t claim that most Americans are in overall debt; just that they owe money to someone else in some way. At current interest rates, it often makes financial sense to use OPM, even if you have the cash to purchase the item in question. Yes, the country has a huge debt problem, no doubt. The sensational statistic isn’t necessary to make the point.
Our only debt is a modest mortgage. We have a home that we can afford and have extra money left over.
My wife needs a new, used car. I’m considering taking out a loan for it because the money is earning far more in the mutual fund than the interest charges.
The other day, I was at a work seminar. Some yahoo loan guy was encouraging people to take out loans for everything. Insanity
We paid cash for our current home in 2008 and are debt free other than normal living expenses.
I do not have any debt except my monthly bills. I own my house and my automobiles.
Two things happened in 2008: 1. husband was forced to retire 2. The crash. We have not recovered. Our debt is still way below most, but wish it was gone.
Debt free is the way to be.
https://www.daveramsey.com/baby-steps
So glad we made the journey. None of our money goes to interest payments.
Totally entirely absolutely debt free for 2 years now, including mortgage.
I recommend it.
Government’s promotion of massive student debt is an ingenious, insidious way to prevent family formation.
No families, no civil society. No civil society, no republic.
I’m in my 50’s & don’t owe anybody one single Penny.
100% Debt Free.