(WXYZ) — Nearly 65 percent of American adults with debt don't know if they will ever be debt-free, says a study from CreditCards.com.
The study also found 41 percent are unsure when they will pay off their debt and 25 percent who expect to die with debt.
But there is a little bit of a bright side. About 35 percent of Americans with debt are optimistic they'll conquer payments eventually. The average projected age when people get out of debt is 53, according to the study. More specifically, millennials pay off their debts by age 43; Gen Xers by age 54; and Baby Boomers at age 66.
Researchers say the first step to getting out of debt is acknowledging the problem. The most common payment strategy, according to the study, "is paying substantially more than the minimum monthly payment."
The second most popular payment strategy "is paying a little more than the minimum."
Read the full study here.
