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. Home of Tampa Bay Lightning GM Steve Yzerman hits market at $3.45 million

    Real Estate

    TAMPA — The Davis Islands home of Tampa Bay Lightning General Manager Steve Yzerman is back on the market for $3.45 million after a brief hiatus.

    The Davis Islands home of Tampa Bay Lightning General Manager Steve Yzerman is on the market for $3.45 million. [Courtesy of Hi Res Media]
  2. Trigaux: Halfway through 2017, a closer look at six drivers of the Tampa Bay economy

    Business

    We're nearly halfway through 2017 already, a perfect time to step back from the daily grind of business and ask: How's Tampa Bay's economy doing?

    Is there one theme or idea that captures the Tampa Bay brand? Not really but here's one possibility. The fun-loving annual Gasparilla "Invasion" of Tampa is captured in this photo of 
The Jose Gasparilla loaded with pirates of Ye Mystic Krewe of Gasparilla on its way this past January to the Tampa Convention Center. In the future a vibrant downtown Tampa or St. Petersburg may be the better theme. [CHRIS URSO   |   Times]
  3. Will new laws protect condo owners from apartment conversions and rogue associations?

    Real Estate

    Danny Di Nicolantonio has lived in St. Petersburg's Calais Village Condominums for 33 years. Annoyed at times by the actions, or inaction, of the condo board and property managers, he has complained to the state agency that is supposed to investigate.

    That has left him even more annoyed.

    A bill passed by the Florida Legislature would affect places like The Slade in Tampa's Channelside district, where cCondominium owners have battled a plan to convert homes into apartments.
[Times file photo]
  4. Walmart opens first Pinellas County in-house training academy

    Retail

    Seminole — It had all the hallmarks of a typical graduation: robe-clad graduates marching in to Pomp and Circumstance, friends and family packed together under a sweltering tent and a lineup of speakers encouraging the graduates to take charge of their future.

    New Walmart Academy graduates are congratulated Thursday morning by associates during a graduation ceremony at the Walmart store, 10237 Bay Pines Boulevard, St. Petersburg. The Walmart location is one of the company's training academies where managers complete a one week retail course. David Shultz and Richard Sheehan, both from St. Petersburg, get high fives from the crowd.
[SCOTT KEELER   |   Times]

  5. Lawsuit: Florida contractor fakes death to dodge angry homeowners

    Human Interest

    SEMINOLE — For weeks, Glenn Holland, 67, crawled out of bed before the sun rose to look for a dead man.

    Last year Glenn and Judith Holland said they paid a contractor thousands of dollars to renovate their future retirement home in Seminole. But when they tried to move in on Dec. 14, they said the home was in shambles and uninhabitable. They sent a text message to contractor Marc Anthony Perez at 12:36 p.m. looking for answers. Fourteen minutes later, they got back this text: "This is Marc's daughter, dad passed away on the 7th of December in a car accident. Sorry." Turns out Perez was still alive. Now the Hollands are suing him in Pinellas-Pasco circuit court. [LARA CERRI   |   Times]