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Jan 10 - 1 in 5 millennials with debt expect to die without ever paying it off


 
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 2 weeks ago '11        #1
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Sin 1831 heat pts1831
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Jan 10 - 1 in 5 millennials with debt expect to die without ever paying it off
 

 
The average millennial (aged 18 to 34) had about $32,000 in personal debt, excluding home mortgages, last year, according to Northwestern Mutual’s 2018 Planning & Progress Study. That debt can feel both crushing — and endless.

Just over 60 percent of millennials (classified here as those aged 18-37) with debt don’t know when, or if, they’ll ever be able to pay off what they owe, according to a new CreditCards.com report. That includes roughly 42 percent of millennials who don’t know when they’ll be able to wipe out their debt, and almost 20 percent of those who expect to die in debt.

There are some bright spots in the data: Among those aged 18 to 30 with credit card debt specifically, 79 percent say they have a plan to wipe it out. On average, they expect to be debt-free by age 43, CreditCards.com finds.

Still, a lot of young people are feeling trapped. A lot of older people, too: Over 35 percent of those over age 73 predict that they’ll never pay off their debt.

Making a plan to tackle debt can help
Debt doesn’t have to be a life sentence, says CreditCards.com industry analyst Ted Rossman. Though it may require some hard work and planning, he says, “Everybody can get out of debt.”

It can help to make a plan. After picking up several freelance jobs in 2018 and limiting his spending to about $2,000 a month — “there were times when I ate peanut butter and jelly sandwiches until I ran out of peanut butter, and then I just ate jelly sandwiches,” he recalls — 34-year-old Dietrich Knauth celebrated his birthday by paying off the last of his $117,000 in student loans.

And 32-year-old Guen Garrido managed to pay off $68,600 in about three years after drawing inspiration from the “snowball method” and YouTube tutorials.

It also helped her to set a target date by which she would have paid off everything she owed. “I think a lot of people think they’re never going to be debt-free, so they don’t even try to get out,” Garrido says. “But once you set a date, you start to think, ‘OK, I can do this,’” she says.

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Getting creative can work, too: 27-year-old John Sweat, who temporarily moved into his van, expects to be debt-free by the end of next winter. “I’ve spent most of my adult life feeling like I have a ton of money, or feeling really strapped and on the edge,” he says. “Right now, I feel more financially competent and stable and well-set up than I ever have.”

Northwestern Mutual recently found that two in 10 people put over 50 percent of their income toward getting out of debt. If you can’t do that, though, don’t sweat it. The nonprofit American Consumer Credit Counseling recommends allocating about 5 percent of your income towards that goal.

Remember your other financial priorities, too
While having a plan is an important first step toward becoming debt-free, Rossman says that millennials would benefit from a comprehensive approach. “Take a long view of your finances,” he says.

While student loans can “feel like an albatross around your neck,” Rossman says, there’s usually hope, because many student loans have built-in, easy-to-understand expiration dates. Still, educational debt, though it represents the biggest portion of the average millennial’s total debt, is just one kind of loan.

Rossman recommends planning for a future that may include big purchases such as a home or a car, as well as expenses such as children and retirement.

Put aside a portion of your income — most experts recommend at least 10 percent — for retirement, he suggests, rather than throwing everything you’ve got at paying off what you borrowed for school.

Additionally, you should aim to have three-to-six months of living expenses set aside in an account earmarked for emergencies. That can sound like a lot, so start small, says David Bach, co-founder of AE Wealth Management. Consistently save a percentage of your paycheck by setting up automatic transfers.

“When your paycheck gets deposited, move money automatically from your checking account into a separate money market account or a separate savings account that you won’t touch,” Bach tells CNBC Make It. “You literally want to almost forget it’s there.”

The key thing to remember is “it’s good to be attacking multiple priorities at once,” Rossman says. Otherwise, when different expenses or crises arise, you’ll simply have to “re-start the debt clock.”

visit this link https://www.cnbc.com/2019 .. ng-it-off.html
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20 comments for "Jan 10 - 1 in 5 millennials with debt expect to die without ever paying it off"

 2 weeks ago '18        #2
Rugby Jones 
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So?!
This country is built off debt

[pic - click to view]

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 2 weeks ago '13        #3
North!!! 434 heat pts434
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Student loan debt the crisis for my generation

The only thing that really matches/outpace the rising cost of college is real estate prices

College super duper outpaces wage growth/gdp growth

They got young kids signing up for 50k+ of debt when they like 18

If you take on that debt make sure it’s a field that can repay it

If you want to go to School try to get scholarships or go somewhere cheap

Don’t get a lifetime of debt for a bullsh*t degree!!!
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 2 weeks ago '17        #4
justin747 37 heat pts37
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I'm mostly safe from debt because I am a


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+2   

 2 weeks ago '07        #5
CASH1 11 heat pts11
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 North!!! said
Student loan debt the crisis for my generation

The only thing that really matches/outpace the rising cost of college is real estate prices

College super duper outpaces wage growth/gdp growth

They got young kids signing up for 50k+ of debt when they like 18

If you take on that debt make sure it’s a field that can repay it

If you want to go to School try to get scholarships or go somewhere cheap

Don’t get a lifetime of debt for a bullsh*t degree!!!
Or maybe these loans need to be regulated more and they need to limit these banks predatory practices.

Unless this 18 yr old kid is the next DiCaprio or Daniel Day Lewis... they shouldn't be getting 100k+ loans approved to goto college for fu*king acting or some sh*t.

Too many people with basic a*s skills and talent going out there getting easy loans for sh*t they'll never find success in.
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 2 weeks ago '15        #6
PineappleOG 36 heat pts36
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 justin747 said
I'm mostly safe from debt because I am a


[pic - click to view]

Same here, skills and experience can get you just as far.
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 2 weeks ago '09        #7
messy marv stan 5129 heat pts5129
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im not sure why student loan mafia debt remains the only type of debt not bankruptcy eligible. its around $1.7 trillion and growing smh

 2 weeks ago '17        #8
lucifershammer 15 heat pts15
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The only people who should cry about this r the banks
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 2 weeks ago '05        #9
pnoi89 18 heat pts18
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4 out of 5 won't die in that situation though.... JR Smith currently shoots 80% from the free throw line. JR Smith odds sounds like a good shot to me.

 2 weeks ago '16        #10
foshoVoodoo 246 heat pts246
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rich people problems

 2 weeks ago '05        #11
trb_5 
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I got 450k in student loans

 2 weeks ago '11        #12
Sin 1831 heat pts1831 OP
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 trb_5 said
I got 450k in student loans
What was the thought process when signing the paperwork
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 2 weeks ago '15        #13
TheCompanyMan 60 heat pts60
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I remember the day I paid off my student loans. Few greater feelings.


 2 weeks ago '13        #14
fairwayt1 1 heat pts
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 Sin said
What was the thought process when signing the paperwork
Looking forward to your response 🧐
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 2 weeks ago '05        #15
trb_5 
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 Sin said
What was the thought process when signing the paperwork
It was for med school. There was no thought process at the time. Either I take out loans and go to med school and achieve my dream or I do something else with my life. I’m completing residency this year and ideally I should be able to pay it off in the next few years but still painful to think about giving all that money back. Especially in a profession in which I’m dedicating my life to serving other people


Last edited by trb_5; 01-11-2019 at 05:13 PM..
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 2 weeks ago '11        #16
Sin 1831 heat pts1831 OP
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 trb_5 said
It was for med school. There was no thought process at the time. Either I take out loans and go to med school and achieve my dream or I do something else with my life. I’m completing residency this year and ideally I should be able to pay it off in the next few years but still painful to think about giving all that money back. Especially in a profession in which I’m dedicating my life to serving other people
Med school is understandable and it being your dream

If you don’t atleast attempt your dreams you’ll end up regretting it
+2   

 2 weeks ago '11        #17
Sin 1831 heat pts1831 OP
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 fairwayt1 said
Looking forward to your response 🧐
Med school makes sense

 2 weeks ago '19        #18
Covfefe2020 1 heat pts
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You mean to tell me Millennials can't pay back student loans for their Art History and Women's studies degrees? I'm shocked
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 2 weeks ago '09        #19
DirtyFGeezus 3 heat pts
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I was a young wild guy, a few years ago. And in that I wrecked 7 cars, broke a ton of bones, had to have a couple emergency surgeries. And I've racked up a ton of medical bills, that I'm pretty sure I'll never be able to pay back. But what I'm I supposed to do with a broken leg that my bone is popping out of, go home and put ice on it.

 2 weeks ago '17        #20
FukBoiFras 20 heat pts20
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Modern day Slavery.

Class Warfare.
+1   

 2 weeks ago '18        #21
Boxedin101 12 heat pts12
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Thought it would have been higher

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