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Americans Are Dying With an Average of $62K of Debt

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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%).

Source: Americans Are Dying With an Average of $62K of Debt | Fox Business



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4 Comments

  1. 31 years ago, I paid off all my credit cards, closed my accounts, and cut up the cards and threw them in the garbage. (I cut them all up in teeny-tiny little pieces to make sure nobody could glue them back together). I told myself, that if I don’t save up the money for “it”, then I don’t need it. I never regretted doing that ever.

  2. This is no surprise when we’re programmed to believe the credit score is the only way to financial success, massive student loans are normal, and healthcare is insanely expensive.

    My suggestions:
    1. After you get your first house, don’t worry about credit score. Worry instead about paying off all debt and getting some cash built up.
    2. Have an emergency fund so you can cover random expenses that come up.
    3. Until you have a ton of money, keep your expenses low. Don’t buy new cars. Don’t go to expensive universities unless absolutely necessary. Don’t buy new furniture. Don’t buy too much house.
    4. Have a health care plan. If you have a high deductible, make sure you have the cash to cover it.

    • Thanks for the comment JT. People really do believe the credit score is something to strive for when the lack of debt should be the goal. We are told to go into debt to beef up that score. The wrong way to go through life.

  3. True words Brandon!
    The main issue today is everything you purchase it seems can be financed….I mean everything. I saw a pet store a few years ago that offered financing on a puppy purchase. What happens if you stop making payments….do they repo the dog? People have no reason to set goals and save up for something. Also, you lose all your bargaining power when you finance, but with cash you can bargain with certain purchases. Not only are they borrowing against their house, but also against their retirement accounts. Perhaps this is all by design to enslave the people but we must observe the masses and do the opposite.

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