22% of This Age Group Thinks It's Impossible to Get Out of Debt

06/28/2024 Jose S Garcia

Table contents

Learn how 22% of Gen Xers believe it's impossible to get out of debt and discover actionable tips to manage and reduce debt, including taking proactive steps, cutting back on credit cards, tracking expenses, and adopting a positive mindset.

22% of This Age Group Thinks It's Impossible to Get Out of Debt

Introduction

Debt is a significant financial burden that affects millions of Americans. According to a survey by LightStream, Generation X (those born between 1965 and 1979) carries the most debt among all age groups, with 22% feeling that getting out of debt is impossible. Despite this sentiment, financial experts emphasize that debt elimination is achievable with strategic actions and dedication.

1. Take Action

A proactive approach is essential for debt elimination. Financial author Dave Ramsey states, "You must become fed up enough with your situation that you decide to change." Personal finance is 80% behavior and 20% head knowledge, meaning taking decisive steps is crucial.

healthsinsured.com/content_pictures/get_out_of_debt/take_action.webp Image Description: Infographic showing the importance of taking proactive steps to manage debt.

2. Cut Back on Credit Cards

Eliminating the use of credit cards can help prevent further debt accumulation. Michael Gerstman, CEO of Gerstman Financial Group, advises treating credit cards like debit cards, paying off new purchases weekly. Going cash-only can also be an effective strategy.

healthsinsured.com/content_pictures/get_out_of_debt/cut_back_credit_cards.webp Image Description: Infographic explaining the benefits of reducing or eliminating credit card usage.

3. Track Your Expenses

Tracking your expenses can reveal unnecessary spending and help you stay within your budget. Marc Diana, CEO of MoneyTips, suggests reviewing all credit card and bank statements to identify and cut out superfluous expenses.

healthsinsured.com/content_pictures/get_out_of_debt/track_expenses.webp Image Description: Infographic showing the process and benefits of tracking expenses.

4. Adopt a Positive Mindset

Maintaining a positive mindset is critical for financial success. Tiffany Welka, VP of VFG Associates, emphasizes that believing in your ability to tackle debt can lead to real-life financial improvements.

healthsinsured.com/content_pictures/get_out_of_debt/positive_mindset.webp Image Description: Infographic showing how a positive mindset can help in managing and reducing debt.

Conclusion

Debt elimination requires effort, patience, and sometimes years of dedication, but it is far from impossible. By taking proactive steps, cutting back on unnecessary spending, tracking expenses, and maintaining a positive mindset, anyone can work towards a debt-free life.

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