More than two thirds (68%) of respondents to a survey by creditcards.com say they are not confident that they will ever pay down all of their debts with 30% saying they will never achieve debt freedom and 38% unsure of when or if they will. Almost a third are confident of clearing their debts within 9 years.
The poll also reveals that mortgages (53%) and HELOCs (30%) are viewed as good debt by 53% and 30% respectively; and seen as bad debt by just 13% and 24% respectively.
Credit cards are the biggest issue for most respondents, and this debt is the second most unfavorable (59%) behind payday loans (67%). Auto debt ranks as good debt with 32% and bad debt with 23%, higher than student loans (23% good, 45% bad).
Not all bad news
The survey shows that 27% of Americans have no debt and 50% of respondents said they feel more comfortable with their debt levels now than they did a year ago. Just 8% said they were less comfortable.
Just 13% said they would be comfortable taking on more debt in 2018 while 45% said they would not.
More market update:
Being debt free in retirement is unlikely to be experienced by most Americans, if their own predictions are accurate.