“Americans Besieged by Debt,” The 2017 Northwestern Mutual Planning & Progress Study
“Nearly three quarters of Americans are struggling with debt and the burden is significant in terms of both size and duration, according to new findings from Northwestern Mutual’s 2017 Planning & Progress Study. Specifically: Of those Americans with debt, 4 in 10 (45%) spend up to half of their monthly income on debt repayment. Nearly half of Americans (47%) are carrying at least $25,000 in debt, with average debt of $37,000 excluding mortgage payments. Notably, more than 1 in 10 say their debt exceeds a staggering $100,000. More than one third (36%) said they will be in debt between 6 and 20 years while 14% expect to be in debt for the rest of their lives.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
If one of the main reasons people buy LTCI is to protect assets, this news is even more discouraging. The de-leveraging that followed the “Great Recession” is evidently declining.