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Average Credit Card Debt
Less than 35 years $5,808
35 to 44 years $8,235
45 to 54 years $9,096
55 to 64 years $8,158
65 to 69 years $6,876
70 to 74 years $6,465
75 and over $5,638
Older Gen Xers Are Deeper in Debt
The survey found that older members of Generation X — adults ages 45 to 54 — have the highest average amount of debt: $130,656.
I can't wait until some of you are in nursing homes expecting to be taken care of by the very generation you have insulted and degraded. Let's see how you feel about them then.
If people are expecting for the younger generation to pay for their nursing homes aren’t they doing it wrong ?
I am a Boomer, and this is nothing new -- Millennials are certainly not the first generation to do this! Many people of my generation -- and, I think, every generation starting since about 1800 -- have been guilty of "trying to keep up with the Joneses".
Read the novels of Jane Austen, for example.
Quote:
Originally Posted by jm1982
If people are expecting for the younger generation to pay for their nursing homes aren’t they doing it wrong ?
What is wrong is that some of you believe you were the greatest generation ever. I never said any generation would pay for your care. But they will have nursing and other degrees to get paid for taking care of you
What is wrong is that some of you believe you were the greatest generation ever. I never said any generation would pay for your care. But they will have nursing and other degrees to get paid for taking care of you
X generation and boomers were bad with spending too. The last fiscally conservative generations were the Gis and the Silents. When the Boomers all entered adulthood into the 70s and 80s, savings rate started dropping off and debt rose faster. People on here seem to be forgetting who raised the Millennials in the first place. Also Boomers and Xers were the ones buying houses during the housing bubble in the 2000s.
People spend too much money on luxury items or eat out daily then complain they have no money. Lots of times people make decent money and are still broke because they don't plan or think about the future. It's all about right now. Stupid.
I do agree that you probably shouldn't eat out daily if you can't really afford it and thinking about the future is important. However there's nothing wrong with treating yourself/people you care about occasionally. Like it or not the future is not promised so it's important to enjoy life while you still can. Maybe we don't only live once I don't know but the you that is here now is only here once.
Quote:
Originally Posted by InformedConsent
Don't disagree, at all.
I cringe when I see that 61% of Americans don't even have enough in savings to cover a $1,000 emergency. It's just sheer stupidity.
Personally I don't have that much in savings either because a)I don't make that much esp lately b) I'm trying to pay off the family car at the current moment. I got 5000-some to go. Ugh so I'm attempting to do the most sensible thing. It's difficult to have savings when everyone wants money from you.
It's probably a moot point though as I'm on free healthcare so I can't think of any emergencies that would cost that much. Maybe a car accident? But she has car insurance.
This is my biggest fear... after decades of paying into SS and Medicare (no tax cap), they'll means-test it and those who saved and invested instead of living it up when they were younger will get none of it back. Once again, the responsible will get punished, the irresponsible, rewarded.
Average Credit Card Debt
Less than 35 years $5,808
35 to 44 years $8,235
45 to 54 years $9,096
55 to 64 years $8,158
65 to 69 years $6,876
70 to 74 years $6,465
75 and over $5,638
Older Gen Xers Are Deeper in Debt
The survey found that older members of Generation X — adults ages 45 to 54 — have the highest average amount of debt: $130,656.
WHAT? -- hmmmm
Seems to contradict our OP's post.
Of course the folks 45-54 are the most in debt, they are the ones most likely funding a child or multiple children going through college. It was absolutely amazing how much more discretionary money we suddenly had as each child graduated college and got a job.
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