Exoparadapsyphobia

Well I did a little superficial investigation into this subject and was suprised to find this report that states about a whopping 56% of Americans live their lives completely debt free with a minority of that percentage having a very small amount debt, 44% live their lives with some kind of mild debt but are able to take care of it and out of those only 6% are burdened with a very large amount of debt around $20,000+ . But suprisingly the report states the number of Americans in debt is expected to drop, not rise. In my ignorance I thought that the percentage of Americans in debt would have been higher and steadily rising. Anyways as to the relevance of these findings I think it's safe to make the tentative conclusion that at least half of our nations populace are able to remain relatively debt free through their lives; not at all the impossible odds of remaining that I and a few others thought to be so true.

Here's a link - Are Too Many Americans in Debt?
It's a relatively short, simple and to the point article so no one here should have trouble understanding it or anything.

- Kudos to Miroku for not going along with popular opinion lol.

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Legend

Funny this thread just came up, because my manager were just talking to us about this yesterday at work about how so many Americans are in debt and how Americans average to have about $9,000. Of course it is possible to not live in debt, depending on what someone already said, long term debt or short term debt. But in order to live a debt free life you would have to live a very simple and plain lifestyle, and many young folks and Americans are not able to do this.

We are all about having the latest things and being consumers. And technically, no one is w/o debt if you live in the USA. With out national debt, every baby born in this country is already in $40000 in debt.

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LEGEND IS: UP TO SOMETHING, GOOD FOR NOTHING.

Tom2Ace

no i dont think young people who get married can go on without a little but of debt well maybe they could but only if they were like famous or had rich parents because if you think about it you have to buy neally two of everything or more if your planning on having a family

Arrianna

Yes it is very possible to stay out of debt it just requires living inside your means. There are financial planners that can show you not only how to do that but start investing for the future as well.

Well said. I only want to add to #3 with the two exceptions and that is student loans (which should still be tempered as much as possible) and a home loan. Car loans should be payable within 3-5 years at which point they become an investment. For that matter anything you can pay off within 5 years and still be using is considered an investment.

Need a bed or table and can't afford a new one? Buy used until you can. It won't kill you, promise.

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atomik_sprout

I find that hard to believe. I'm 27 and have MAD debt piled up. It's not really by choice, but there are times when you can't afford what you're being billed. I've been in and out of hospitals in the course of one summer--that's where a lot of my debt comes from. I will admit that I used to be pretty irresponsible when it came to checks and stuff--years ago--but that happens to most people, I'm sure.

The way I figure, you have to start life rich as hell to not be in debt by your twenties. If you have a financial security net, you're set for life.

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