Many Americans assume their 40s will mark a financial turning point, when student loans are gone, incomes are higher and debt finally starts to disappear. With more stable careers and a more disciplined mindset, the idea of being debt-free by age 40 feels not just aspirational but achievable.
In reality, that milestone is becoming harder to reach. For a growing number of households, turning 40 has meant carrying larger balances than ever, in the form of housing, education and auto loans. The rising cost of living hasn’t helped households with the cost of everyday life either.
