I was reading this article today at http://www.biv.com/article/20130306/BIV0102/130309955/bc-seniors-face-mounting-debt which talked about how a lot of seniors enter into retirement with a massive amount of debt. That was kind of shocking to me honestly where it stated like in this province people over the age of 65 have an average household debt of $51,636. On top of that, it was mentioning how there are an alarming number of people at that age who still use credit cards to pay bills that they simply can’t afford.
Doesn’t story like these encourage you even more to focus on getting rid of any debt that you may have right now? At the same time, one point I often heard is that many people nowadays still have to work even if they are at that traditional retirement age. This also made me think what an average age should be where we should all be debt free so that any money that you bring in should be more as a way to save for our future or to use on guilt free non essentials.
I think I read before that around the age of 50 is when most people have completely paid off things like a mortgage on their homes. If that is the case though that means you only have about 15 years to make sure that you are prepared financially huh? Would it be too ambitious to say at like 30 you should be “debt free” in the sense where your properties or belongings aren’t the ones controlling you financially?
I always say that things like credit cards are one of the best training tools to teach you to only spend what you can afford where it can actually reward you for doing so. You just have to get over that mentality that having credit means you can afford something. Wouldn’t want to be in the situation like that article that’s for sure. Makes me wonder too if in the future people will be forced to take like some kind of course about credit cards before they will be allowed to use one.