45% Of Americans Spend Up To Half Their Income Repaying Credit Card Debts

45% Of Americans Spend Up To Half Their Income Repaying Credit Card Debts:

On several occasions we’ve pointed out that the baby boomer generation is, to put it mildly, ill-prepared for retirement.  In fact, over 50% of baby boomers have basically no savings set aside for retirement at all.  Now, a new survey from Northwestern Mutual helps to shed some light on why Americans are completely incapable of saving money.

First, roughly 50% of Americans have debt balances, excluding mortgages mind you, of over $25,000, with the average person owing over $37,000, versus a median personal income of just over $30,000.

H/t reader squodgy.

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