How to Avoid Dying in Holiday Credit Card Debt

Category: Credit Card Debt Published: Thursday, 21 January 2016 Written by Super User

One in five of you is going to die in credit card debt.

That isnt our opinion, and it isnt some prediction from a credit agency talking; thats the cardholders themselves talking. More than one in five Americans currently carrying some debt (21%) think they will never get out of it, according to a new report. That's more than double the 9% who gave that response when asked the same question in May 2013 and up from 18% last year.

Even when Americans think theyll be able to pay off debt, they dont expect to do so until theyre on the verge of receiving AARP magazines. On average, Americans expect to be debt-free by age 54. The definition of debt-free includes credit card debt, car loans, student loans and other types of debt but also includes mortgages -- which skews that number a bit for folks carrying a 30-year, fixed-rate mortgage. However, 48% of those with debt expect to remain in debt at age 61 or later, including those who predict they will still owe money when they die.

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