Over 20% of Americans Think They'll Never be Debt Free
A new CreditCards.com survey released Wednesday found that 21 percent of Americans believe they will never be able to pay off their debt. That's up slightly from 18 percent the previous year and comes even as the job market shows signs of improving.
The Labor Department said Friday the U.S. economy added 211,000 jobs last month and the overall unemployment rate remained unchanged at 5 percent.
Still, people are weary about their job security, said Matt Schulz, senior analyst at CreditCards.com. "This shows there is a real debt problem in America and it's not improving very much."
The survey also found that the number of people who are debt free increased to 22 percent this year from 14 percent the year earlier. In fact, Schulz said that, surprisingly, individuals making up to $30,000 a year are the most likely to say they are free of debt.
