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What Percentage Of Americans Expect To Die In Debt?

25% and rising.

Americans are hardly known for being great savers. If anything, they have a tendency to spend money and rack up huge loads of debt in the process. The problem has gotten so bad, in fact, that 65% of Americans in debt have no idea when they'll shed it. Worse yet, 25% of those in debt expect to carry it with them to the grave, according to CreditCards.com.

Now, not all of that debt is the bad kind in nature. Mortgage debt is the most common type among U.S. households, and it's a pretty healthy type to carry. Unfortunately, credit card debt ranks second behind it, and that's pretty much the worst type of debt to have. Not only can credit card debt cost you a boatload of money in interest, but it can also damage your credit score, thereby making it more expensive (if not impossible) for you to borrow money the next time you need to.

If you're currently in debt, it's imperative that you aim to shed it as early in life as possible. Otherwise, you might indeed carry it for the rest of your life -- and beyond.

Breaking Free From Debt

The sooner you get yourself out of debt, the sooner you'll stop accruing interest that works against you. But it's especially crucial that you rid yourself of debt prior to retiring. Once you stop working and move over to a fixed income, you'll need every dollar of it to pay your living expenses, so having a nagging debt payment to contend with is the last thing you want. And while you might manage to squeeze out some extra money to apply to your debt while you're still working, once you're retired, extra money will likely be hard to come by.

So how can you get out of debt? First, figure out which debts of yours are costing you the most. If you have credit card debt, you're probably paying a higher interest rate on that than on your student loans, so it makes sense to tackle the former first.

Once you order your debts by payoff priority, you'll need money to make them go away. To that end, try creating a budget. It'll show you where your money is going, and where there's room to cut corners.

From there, you'll need to make some meaningful changes to free up cash to pay down those obligations. That could mean downsizing to a less expensive home, unloading a vehicle you can live without, or cooking your meals at home rather than dining out.

At the same time, look into getting a side job to drum up extra cash. You might consult in your current field, or turn a hobby into an income. It doesn't really matter what you do for additional money as long as you commit a little time to boosting your cash intake.

Don't Retire In Debt

If you're nearing retirement with a wad of unhealthy debt, it pays to postpone that milestone until you've managed to rid yourself of it. Working an extra year or two might enable you to pay off your credit cards so that you don't continue accruing costly interest at a time in life when you really can't afford it.

That said, not everyone retires free of mortgage debt. If that's the scenario you're facing, and you can afford your home with the money you get from savings and Social Security, there's no particular need to panic -- especially since 30% of seniors today still carry mortgage debt. But ideally, your mortgage should be the only debt that hangs over you once your career comes to a close.

The fact that 25% of Americans expect to die in debt is pretty dire. If you're carrying debt, make lifestyle changes that allow you to rid yourself of it sooner. That way, you'll enter retirement without the weight of a nagging series of payments and the financial stress they're likely to cause.

https://www.ibtimes.com/what-percentage-americans-expect-die-debt-2764833

Never read the fine print that all organ donation proceeds go to creditors, did ya?

I heard that the Bank of Scicily has substantial penalty for late payments.
'A late loan payment might negatively affect your lifespan'

Debt, what is that?

This past weekend, I was thinking ways to give away my money, both now and after I pass away.

Dan, who is that?

I know you're being fictitious.
Dan argued passionately, citing sources for the case of worsening environmental impacts caused by man-made activities. As did Iw○¿.
They were shouted down by patnetters arguing with pictures of seashore. So they picked up their ball and went home.
In the end, no one gets the last laugh.

Consumer debt hits $4 trillion !!

•Americans' collective debt surpasses $4 trillion for the first time.

•Holiday spending, rising student loan balances and a jump in automobile financing at the end of last year helped consumer borrowing reach the new milestone.

Americans are diving deeper and deeper into the red.

As of this month, outstanding consumer debt exceeded $4 trillion for the first time, according to the Federal Reserve.

Relatively strong holiday spending, particularly in November, and increasing credit card debt added more than $41 billion in outstanding balances at the end of 2018, according to LendingTree, a loan comparison website, which analyzed the data from the Fed.

In addition, a steady rise in student loan balances, as well as an increase in the cost of automobile financing in the fourth quarter, contributed another $80 billion.

At these levels, consumers are spending about 10 percent of their disposable income on non-mortgage debts, including credit cards and auto, personal and student loans, said LendingTree chief economist Tendayi Kapfidze. Ahead of the Great Recession, that averaged about 13 percent, he added.

"It's a level of debt that's pretty manageable overall," Kapfidze said. "Of course, for any one individual, you have to make sure you are not taking on more debt than you can handle."

The average American has a credit card balance of $4,293, according to the latest Experian data. Total credit card debt is also at its highest point ever, surpassing $1 trillion, the Federal Reserve found.

Now, more than 1 in 3 people — or 86 million Americans — said they're afraid they'll max out their credit card when making a large purchase, according to a WalletHub credit cards survey. (Most of those polled considered a large purchase as anything over $100.)

At the same time, credit card interest rates have never been higher. The average card interest rate is currently 17.41 percent, according to CreditCards.com's latest report. That's up from 16.15 percent one year earlier and 15.22 percent two years ago.

And still, credit card delinquency rates, or late payments over 90 days past due, remain relatively low although rates have been slowly rising in the last few years.

Meanwhile, outstanding student loan debt has tripled over the last decade and is now $1.5 trillion. A college education is now the second-largest expense an individual is likely to make in a lifetime — right after purchasing a home.

Graphics included in link below:

https://www.cnbc.com/2019/02/21/consumer-debt-hits-4-trillion.html

Personal loans surge to a record $138 billion in US as fintechs lead new lending charge

•Total outstanding U.S. consumer loans hit a new record last year, driven by digital-first lending options.

•Financial technology, or fintech, companies now make up 38 percent of the personal loan market — up from just 5 percent five years ago, according to new data from TransUnion. Banks' market share is going the other direction.

•"The rapid growth in consumer loans sits squarely on the shoulders of fintechs," says Jason Laky, senior vice president and leader of TransUnion's consumer lending line of business.

Americans are turning to up-and-coming fintech firms instead of traditional banking options to pile on debt.

The unsecured personal loan market hit an all-time high last year, surging 17 percent year over year to a total $138 billion, according to data from TransUnion released Thursday.

Digital-first financial technology companies were largely responsible for that momentum.

"The rapid growth in consumer loans sits squarely on the shoulders of fintechs," Jason Laky, senior vice president and leader of TransUnion's consumer lending line of business told CNBC in a phone interview. "They continue to be the main driver."

Last year, fintech companies issued 38 percent of all U.S. personal loans, according to TransUnion. That's up from 35 percent a year earlier and just 5 percent as recently as 2013. Banks' market share however, is heading in the other direction.

Traditional banks' share of those loans is down to 28 percent from 40 percent five years ago. Credit unions are down to 21 percent from 31 percent in the time period. While their market share shrank, they still saw overall growth in total loan balances, according to Laky.

The consumer loans fell into three main categories: Debt consolidation, home improvement financing, and retail thanks to a surge in e-commerce and online shopping, Laky said.

An unsecured personal loan does not require the borrower to put up any collateral. Fintech firms like SoFi, LendingClub, Prosper, Avant and GreenSky offer digital or mobile-first options that often use data points aside from FICO scores when assessing creditworthiness. Square and PayPal use similar metrics.

But they tend to reach further down the credit curve, raising questions over how many would fare in their first-ever economic downturn.

In 2018, most of the growth was at the lower end of the risk spectrum. The subprime tier grew the fastest at 4.3 percent year over year, according to TransUnion. Any inherent risk in those subprime loans is tied closely to the outcomes of the economy, Laky said.

"Subprime borrowers are the ones that if the economy turns and growth slows are likely to be at risk of losing their jobs or hours, that creates financial stress," Laky said. "As long as we believe economy is still on solid path of growth there shouldn't be an issue."

He highlighted a steady rate of delinquencies as a sign that growth in subprime loans does not signal an impending credit crisis. Delinquencies "have remained stable with little to no change across most risk tiers," according to the report.

Graphic included in link below:

https://www.cnbc.com/2019/02/21/personal-loans-surge-to-a-record-138-billion-in-us-as-fintechs-lead-new-lending-charge.html

Ceffer says

Never read the fine print that all organ donation proceeds go to creditors, did ya?

https://lionessofjudah.substack.com/p/horrifying-terrified-organ-donor

A terrified organ donor came back to life, thrashing and crying on the operating room table, as surgeons prepared to harvest his body parts, according to witnesses – with one described as ‘everybody’s worst nightmare.’

Thomas ‘TJ’ Hoover II, 36, had been declared brain dead when surgeons went to remove his organs at Baptist Health Richmond Hospital in Kentucky in October 2021, his sister and former Kentucky Organ Donor Affiliates employees told NPR.

But as doctors went to test his heart health for transplantation, Hoover reportedly became reanimated.

‘He was thrashing around on the table,’ Nyckoletta Martin recounted, claiming the patient was just sedated.

Then, as the surgeons prepared to remove his organs, Hoover began ‘moving around’ and ‘was crying visibly,’ according to Natasha Miller, another former employee.

Hoover had been rushed to the hospital after a drug overdose that day, and was declared brain dead.

But his sister, Donna Rhorer, said she became concerned when Hoover seemed to open his eyes and look around as he was being wheeled from the Intensive Care Unit to the Operating Room.

‘It was like it was his way of letting us know, you know, “Hey, I’m still here,”‘ she said.

She and other family members were told, however, that it was just a common reflex.

It wasn’t until after Hoover began to move around and cry that the surgeons decided not to move forward with the transplant.

However, Miller said that when her colleague called KODA – which had coordinated the transplant- the supervisor told them they were ‘going to do this case’ anyway and the hospital needed to ‘find another doctor.’

‘It was very chaotic,’ she recounted. ‘Everyone was just very upset.’

Ultimately, the organ retrieval was canceled, and several employees quit in the aftermath.

‘That’s everybody’s worst nightmare, right? Being alive during surgery and knowing that someone is going to cut you open and take your body parts out?’ Martin said.

‘That’s horrifying.’

She added that several of the employees who worked on the transplant had to seek therapy in the aftermath.

‘It took it’s toll on a lot of people,’ Martin said, ‘especially me.’

She has since become a whistleblower, submitting a letter to the House Energy and Commerce Committee about the incident as it held a hearing investigating organ procurement organizations.

‘It’s very scary to me now that these things are allowed to happen, and there’s not more in place to protect donors,’ Martin said.

Those organs are very valuable, so I'm pretty sure some people quietly get killed in the US just so that their organs can get sold.

Seems to be routine in China.

Patrick says

A terrified organ donor came back to life, thrashing and crying on the operating room table, as surgeons prepared to harvest his body parts, according to witnesses – with one described as ‘everybody’s worst nightmare.’

Let me guess, he did the DNA test to see if he was related to royalty, and he was, and the royals wanted his organs.
Don't they keep a cattle killing air piston in the operating room for these situations?

Ever since the Religious-based Non Profit Small Hospitals were replaced with "(City/River/Hill-)Side, your Community Hospital" massive 'health' plants, mistakes went up, not down. Healthcare got more expensive.

The biggest lies in the USA:
* No fault will lower car insurance
* Catastrophic Medical makes people avoid checkups (no, it is not as profitable)
* Big Corporate Run hospitals are more efficient.

"Healthcare Related Infection" is a top ten cause of death. HCA and AHA fought like HELL to stop the "Two patients per room" disaster. They still allow doctors to wear bacteria transfer ropes (Ties)

AmericanKulak says

They still allow doctors to wear bacteria transfer ropes (Ties)

I like it when they spit shine their stethoscope then put their mask back on.