WEB Notes: How sad is that? In debt all of your days working until the very end. It used to be that folks worked for 30-40 years and then hung up their hats with a nice nest egg to use to go places and see things and pass a little on to their families. Today? Not so much. Instead we have to spend, spend, spend. We need that new shiny car or truck, maybe a new RV even though our old one works fine. In today’s age a high tech phone costs $800 bucks when we used to get them for “free”. Going into debt and paying interest is a horrible thing. About the only debt I can possibly justify is home debt and even then it should be paid off as fast as possible. At least with a home over time it will increase in value. But as we see from this article home owners were dying with 50k plus in home debt. Too many people over the years have used their homes as an ATM card to go buy a bunch of junk with their equity. That is not what it is for. Stop enslaving yourselves and learn to live with less and be free.
You’re probably going to die with some debt to your name. Most people do. In fact, 73% of consumers had outstanding debt when they were reported as dead, according to December 2016 data provided to Credit.com by credit bureau Experian. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.
The data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the U.S., according to 2015 estimates from the Census Bureau.) Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%).