Nearly 70% of Americans believe they will never get out of debt, according to the results of a survey conducted by Creditcards.com.
Individuals who have taken out payday loans and those with medical debts are the most pessimistic about paying off their debts, according to the survey. Those who have student loans, credit card debt, mortgages, and auto loans are more optimistic about their chances of getting out of debt.
The percentage of individuals who think they will never get out of debt increases with age. About 65% of millennials think they will never get out of debt, compared with 68% of Generation X, 70% of baby boomers, and 83% of the silent generation (72 years and older).
For those who believe they will one day be debt free, they estimate that day to be nine years away.
