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... active debt such as mortgages, auto loans, credit cards, personal loans, student loans and other categories.
Then that amount seems extremely low. Yay, I guess?
A huge gap in this article is not defining what they mean by credit card debt. Sure, there’s an afterthought about high balances but the article is mostly focussed on monthly payments. With the death of cash, my monthly credit card bill has never been higher, but I’m also in a place where I’m paying it off every month and am in good financial shape. Credit card payments to cover pretty much all of my operating expenses is different from credit card debt. Until they better define that, I have to assume that a lot of us no longer use cash or checks, so the credit card payments going up is an unsupported claim
My credit card bills have gone up because they cover daily expenses, and inflation, never use cash, never use checks. For whatever portion of people are similar, I’m not convinced of the credit card portion.
Of course, I recently got a car loan after no payments for 5 years, so my personal debt also went way up
It does appear shockingly low indeed.
Oy. I wish my mortgage was that low.
I mean… that’s a mortgage. So if that counts, then yeah. Sad part is most of those paying that much on top of rent (which is also that much.)
Mortgage and student loans were included, which makes these numbers generally meaningless since those two have been nearly non-discretionary for decades (just stating the fact not endorsing the structure of it).
Just the interest, or including principal? Because there's a work of difference between the two.
$1600 in rent? Fuck, I'd be elated to pay that.
TIL I'm above average.
Congratulations 🎉
Hoooraaaaay! Question mark
Now you need to make sure to go tell everyone you know you are above average. (Just don't tell them why)
It would have been interesting to see that as a percentage of household income instead of just an average dollar value.
Some people probably pay twice that on just their mortgage, or half. It depends on where they live for the most part.
These numbers are interesting, but they don't paint a clear picture. (They don't paint any picture, actually?)
I am having trouble understanding what counts as debt. As someone that makes all purchases on a credit card, does that count as debt if I pay it off every month? My initial gut reaction is that the number is low and that means people aren't buying homes or cars or higher education. Also not sure if this also means older boomers and genx are carrying more debt into later stages of life than they used to. They mention that in the article, but would be curious to see more demographic breakdowns.
How else are you supposed to buy a house?
According to Dave Ramsey, just pull yourself up by your bootstraps, save, and pay the entire amount in cash.
Mom and dad didn't just acquire one into the trust for you? /s
Ya, the article doesn't seem to be telling much. At most, the bit about which cohorts carry the most debt was kinda interesting. But it's probably just telling us that the oldest cohort has had long enough to pay off their mortgage with the next two cohorts still paying and the youngest mostly not carrying them. Far more interesting would have been an analysis of unsecured debt. My guess is that the pyramid would be inverted. with the youngest cohort taking it hard and deep from the banks with credit card debt.
It's tough, but buying a house is debt which factors into this debt analysis.
If they're including mortgages that's crazy low. Lots of Boomers lowering the number I'm sure.