"Ya know, we (all 3 of us) are scarily alike in our situations......I am so glad I am not alone."
What I have, however, come to realize is that although it often feels like we are alone, we really are not! People in the 50+ age bracket do have debt and unfortunately some of us have a lot of it! While I have zero statistics to back this up, I feel I have something more concrete...hearing it first hand from others our age who are in debt. Let me share just a little from three I know well (names changed to protect their identity!)
- Bill and Rachel. A couple in their early 60s. They owe $200K+ on their mortgage, have credit card debt and a hefty car loan. Rachel feels they will always have debt and even goes as far as saying mortgage debt is good debt for tax purposes.
- Harry and Denise. A couple in their late 50s. Harry works with my husband and says he will never be able to afford to quit working as they still have mortgage debt and imply that they also have auto loans.
- Peter and Jan. A couple both turning 65 this year. They took Dave Ramsey's Financial Peace course many years ago. Less than a year ago they also took on a bigger mortgage. The house needs a lot of work which Jan says they can't currently afford to do. Thankfully no other debt, but Jan also says Peter will need to continue working several more years.
We are all given choices in life. We can continue on as my aforementioned friends, or we can join others like Patti who have chosen to do something about their debt. No Patti, you are not alone! There are others, including myself, who will walk along side of you as we continue conquering our debts. We CAN do this!