While the survey indicated Americans have found many ways to spend less, it also indicated they are not reducing their debt, according to a press release. Eighty-two percent of respondents are carrying non-mortgage debt, a figure that is virtually undiminished since Securian’s initial survey in 2007, the press release said.
One-fifth of Boomers who are in debt owe at least $50,000 in non-mortgage debt – a 10-point spike from the 2007 survey – and Boomers were the only generation in the survey (which included Generations Y, X, and the Silent Generation) to add debt since 2007.
Three quarters of non-retirees who expect to retire with debt are concerned about the amount of debt they may carry into retirement.
On a more positive note, only one in five people (22%) polled for the Securian survey applied for credit or non-mortgage loans in the last 12 months, and they were less willing overall to take on debt for cars, vacations, gifts, home improvements or meals out. They also identified several ways to save money on everyday expenses, and eight out of 10 expressed pride in the ways they have cut back.
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