Quote:
Originally Posted by chemgear
For example, those 18 to 24 picked 32 as the average age for being debt-free, those 25 to 34 said 44, people 35 to 44 said 54, 45- to 55-year-olds said 60, and 55- to 64-year-olds said 65.
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I bet a mortgage is part of the reason for the change. Many people 18-24 haven't bought a house/condo, so they figure by 32 they'll have their student loans/car loans paid off.
Then they buy a property in their mid/late 20s, and figure they can pay it of in 15 years. Then they don't do that, and by the end of the mortgage amortization they figure out that it actually will take the full 25,30,35 or 40 years to pay it off.