Do you feel like you’ll be be paying off your mountain of debt forever? Roughly 18% of Americans feel the same way, according to a recent CreditCards.com report. This is a 50% increase from last May when CreditCards.com last conducted this survey.
According to the study, roughly 43% of Americans with debt say they expect to be in debt until they’re 61 years old or even later. However, some are a lot more optimistic about their financial futures. Approximately one in four who are in debt say they expect to be completely free from debt at the age of 40 or even earlier.
Furthermore, some respondents (more than a third) say they have already gotten themselves into holiday debt. Roughly 55% said they plan to pay off their debt within one month and about 74% expect to be in holiday debt for at least three months.
“It’s easy to feel paralyzed when you’re overloaded with debt and feel like you’ll never get out, but the worst thing you can do is nothing,â€ said Matt Schulz, CreditCards.com’s senior industry analyst. “It’s incredibly important to make moves to begin knocking down those debts before they truly do grow out of control.â€
Read the full report here.