Ever feel trapped by your debt? Ever feel like it’s never going to go away? You’re not alone.
Just over 60 percent of millennials with debt don’t know when, or if, they’ll ever be able to pay off what they owe, according to a new CreditCards.com report. And nearly 20 percent of millennials say that they expect to die without ever paying it off.
That’s about 1 in 5 millennials who believe that they will never be able to pay off their debt.
Between student loans, increased prices, and cost of living skyrocketing, debt is harder than ever to pay off. The average millennial has about $32,000 in personal debt, according to Northwestern Mutual’s 2018 Planning & Progress Study. That’s a lot to overcome while also paying rent, bills, and saving for retirement.
It’s no wonder that people are feeling trapped by a seamlessly endless pool of debt and assuming it will never go away.
If you’re in this position, don’t panic. Debt is a common, if not inevitable, problem that most people have to deal with. It can put strain on your relationships, family, and overall emotional well being. But making the decision to overcome your debt regardless of how intimidating it may be, is one of the most empowering feelings.
No matter how big or small your debt is, it may seem impossible to handle. But there are so many triumph stories of people who thought the same thing and came out on the other side. There are strategies and plans out there that can make a debt-free life, a reality.
Here are some resources that will help you on your journey:
Some debt-free success stories:
Budget your way out of debt:
Becoming debt-free is possible if you follow the right strategies and have a good support system! Have you paid off your debt? Tell us your story on social media!