A recent report has emerged, revealing that more than 70 percent of Americans will die, still owing money. What does this mean? Well, it means that the debt will carry over to their loved ones and their family. If you die still owning debt, the lenders can then charge your wife, your son or your daughter. They can even pursue distant relatives and perhaps those who may not be connected to you by blood. In fact, some debt collectors will target anyone they can that’s even slightly connected to you to get back the money they are owed.

It also means that there are people right now in their forties, their fifties, and sixties, who will still be in debt when they die. Now, it’s important to realize that all these people won’t be in a dire condition. There’s a difference between sinking in debt and managing it effectively. Some debt can be managed like a mortgage. You may not like owing money, but most people can afford to pay off their mortgage month by month. Other debts, on the other hand, will cause you to sink into the abyss. Credit card debts can quickly mount up until they become a great wall of loans that you can not possibly climb.

What we need to be thinking about is how to change this situation. How can we make sure that people do not die in debt?

Re-education

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It’s fair to say that a lot of people are in debt because they have been made redundant. Usually, this is because their careers have become obsolete and essentially they are no longer needed in the economy. There have been many industries that have gone down this road, and the big crazy example of this is fossil fuels. Trump gained a lot of supporters when he suggested during his presidential campaign that he was going to put the miners back to work and return to a focus on fossil fuels. It’s not necessarily the worst idea, but even if we did refocus on fossil fuels, they’re finite, and they won’t last forever. Eventually, those workers will be out of work again. As such, we need to consider the possibility of re-education. Learning new skills, these workers can take fresh roles in the economy and gain the income they have lost.

Financial Aid

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For some, the answer to the debt crisis will be financial aid. It’s important that people who are in debt know that they do have options. For instance, they can look into the possibility of debt consolidation. Debt consolidation is a form of debt refinancing that can help you deal with the money you owe and get things back on track. It can take time to pay off your debt, but refinancing helps you manage the costs and limits the amount that you will need to pay. Essentially, your debt can become a tax that doesn’t put too much pressure on your finances. It’s still not an ideal situation, but it does help.

It is worth pointing out that services like this aren’t charities. They are still out to make a profit and even by consolidating your debt, they gain money. There are, however, financial charities and causes out there to help people in debt. Either to make sure they can find work and earn a living or get their money situation in check.

Kill The Borrowing Mindset

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The problem is that even people who escape debt tend to end back in it. That’s because they are in a borrowing mindset. A borrowing mindset is what ultimately made the 2008 crash worse because people were living beyond their means. It’s easy to understand why people do this. Life doesn’t seem particularly fair when 1 percent of the population has 38 percent of the country’s wealth. So, rather than accept, these people try to live life as someone who is rich and can afford the luxuries in life. That of course, leads them further down the debt rabbit hole and makes the climb back even more difficult. It seems that many people have twisted the American dream into living beyond your means. In reality, the American dream was always about working your fingers to the bone until you reached a level of success.

As such, if we want to get people back on their feet we have to kill the borrowing mindset.

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We need to stop living in the now and think about the future. We need to make sure that we are saving and investing our money wisely, keeping a little back each month. You see all those little saves can add up and if we all did this, we could make sure that the number of people dying with debt weighing them down was completely diminished.