Make us your home page
Instagram

Study: One in five Americans with debt believe they will die that way

More than one in five Americans with debt believe they will die that way, according to a study from CreditCards.com, an agency that helps people manage credit cards.

The group's survey ( tbtim.es/sze) found that 21 percent of Americans with debt don't believe they will ever pay it off, up from 18 percent who felt that way last year and 9 percent who did in 2013.

While the number of Americans who feel they'll never shed their debt is climbing, so, too, are the number of people without any debt, the CreditCards.com survey found. About 22 percent of Americans are debt-free, up from 14 percent last year.

The juxtaposition of these two trends shows "America continues to polarize into a nation of haves and have-nots when it comes to debt," the group said in a news release.

"It's a troubling divide," Matt Schulz, CreditCards.com's senior industry analyst, said in the release. "While it's great to see more people freeing themselves from debt, the fact that more and more people still feel trapped and hopeless means that Americans still have a major problem with debt."

While most people with debt don't believe they'll die owing money to someone, almost half say they'll be in debt until at least age 61.

Perhaps surprisingly, millennials with debt are the most optimistic that they can climb out of it before they die: Only 11 percent think they will never get out of debt.

Some other tidbits from the study:

• People with children are more likely to say they will remain in debt than those without kids — 23 percent to 17 percent.

• More minorities say they'll be unable to become debt-free than white people — 24 percent to 16 percent.

• A greater portion of Republicans believe that they'll stay in debt than Democrats — 25 percent to 14 percent.

Schulz said people can start to climb out of debt by creating sensible budgets, tracking their expenses, seeking out zero-percent-interest balance-transfer offers and negotiating lower interest rates on current credit cards.

Study: One in five Americans with debt believe they will die that way 12/09/15 [Last modified: Wednesday, December 9, 2015 7:23pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Pinellas construction licensing board needs to be fixed. But how?

    Local Government

    LARGO –– Everyone agrees that the Pinellas County Construction Licensing Board needs to be reformed. But no one agrees on how to do it.

    Rodney Fischer, former executive director of the Pinellas County Construction Licensing Board Rodney, at a February meeting. His management of the agency was criticized by an inspector general's report. [SCOTT KEELER   |   Times]

  2. New owners take over downtown St. Petersburg's Hofbräuhaus

    Retail

    ST. PETERSBURG — The downtown German beer-hall Hofbräuhaus St. Petersburg has been bought by a partnership led by former Checkers Drive-In Restaurants president Keith Sirois.

    The Hofbrauhaus, St. Petersburg, located in the former historic Tramor Cafeteria, St. Petersburg, is under new ownership.
[SCOTT KEELER  |  TIMES]

  3. Boho Hunter will target fashions in Hyde Park

    Business

    Boho Hunter, a boutique based in Miami's Wynwood District, will expand into Tampa with its very first franchise.

    Palma Canaria bags will be among the featured items at Boho Hunter when it opens in October. Photo courtesy of Boho Hunter.
  4. Gallery now bringing useful art to Hyde Park customers

    Business

    HYDE PARK — In 1998, Mike and Sue Shapiro opened a gallery in St. Petersburg along Central Ave., with a majority of the space dedicated to Sue's clay studio.

     As Sue Shapiro continued to work on her pottery in St. Petersburg, her retail space grew and her studio shrunk. Now Shapiro's is bringing wares like these to Hyde Park Village. Photo courtesy of Shapiro's.
  5. Appointments at Raymond James Bank and Saint Leo University highlight this week's Tampa Bay business Movers & Shakers

    Business

    Banking

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. Jackson will oversee all of Raymond James Bank's operational business elements, risk management and strategic planning functions. Kackson joins Raymond James Bank after senior …

    Raymond James Bank has hired Grace Jackson to serve as executive vice president and chief operating officer. [Company handout]