Nearly a quarter of Americans expect to die with debt

Cropped Photo: www.cafecredit.com / CC BY 2.0

(KWCH) Nearly two-thirds (65%) of American adults say they don't know when they'll be debt free, according to a new study by CreditCards.com.

Forty-one percent of those people say they don’t know when they’ll pay off their credit card debt and 25% say expect to die in debt, down from 30% last year.

The study goes on to say 35% of Americans with debt think they’ll pay off their obligations by age 53. Millennials say they can do it earlier around age 43 while Baby Boomers believe they'll be older -- paying off their last piece of debt at age 66.

Households which bring in $50,000 or less say they soonest they'll be debt-free is 47. Those which bring in more than $50,000 expect to pay off their debt nearly a decade later, at age 55.

When asked how they would pay off their credit card debt, most people (69%) said they would pay substantially more than the minimum monthly payment.

Those who didn't have a plan to tackle their debt said it was because they don't make enough money.

Ted Rossman, an industry analyst with CreditCards.com says no matter what you need a strategy.

"Whether it’s boosting your income through a better job or a side hustle, selling stuff online or at a yard sale, taking advantage of a balance transfer or cutting expenses to funnel more dollars toward your credit card debt, you need to attack your credit card debt because it can get out of control in a hurry.”