The American Reality: How Debt Defines Your Generation

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The American Reality: How Debt Defines Your Generation

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of Americans believe living debt free is living the DREAM 63%

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but… A majority of Americans 65% live with some type of debt or loans

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But how they live with and manage debt varies by age group

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Adults over the age of 45 are more likely to pay more than the minimum monthly payment on their credit cards than those between the ages of 18 and 44.

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In fact, young adults age 18-34 are more likely than adults 55+ to than the minimum monthly payment on their credit card debt PAY LESS

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…. and those 18-34 are almost three times as likely to admit to sometimes paying their bills late.

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Despite these habits, adults 55+ (16%) are more likely to buy what they want, when they want, since they have credit cards.

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SO… what does each age group consider to be a FINANCIAL DISASTER?

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Foreclosing on a home?

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While more than three quarters of Americans (76%) believe this would be a financial disaster, it’s a more common concern for those over 55 years old.

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How about YOUR health?

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of Americans say getting into medical-related debt would be a FINANCIAL NIGHTMARE A number slightly higher for adults 55 and over (55%) 47 %

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Did I remember to pay that bill?

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of Americans consider having a LATE PAYMENT on a loan to be a financial disaster Although Americans age 45-54 (18%) are less likely to consider a late payment on a loan to be disastrous 27%

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23% of Americans say not paying off a credit card balance in full each month would be a that number with disaster, increases age 33% for folks 65 and older and that

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What’s YOUR American Dream? And how will you manage your finances to get there?