Infographic: 68% of Americans doubt they will ever be debt-free
If you find it hard to believe you’ll ever be debt-free, you’re certainly not alone. You’re in the same boat as around two-thirds of Americans.
Indeed, 68% of U.S. adults polled by CreditCards.com said they doubt they will be able to completely pay off their debts.
The survey, which sampled 1,114 adults in December 2017, was conducted online by YouGov for CreditCards.com.
It found that credit card debt is the biggest problem, with 35% of those with a credit card believing they’ve dug themselves into a hole.
But consumer credit is increasing across all debt classes.
In fact, in the fourth quarter of 2017, household debt hit a new record high of $13.15 trillion, according to a report from the Federal Reserve Bank of New York. Balances on mortgages, auto loans, credit cards and student loans all climbed.