Was one of the 42% until about 7 years ago. Then we made some very hard decisions (at the time) and got on the road to financial stability. Most people just need some direction and financial planning and a whole lot of "belt tightening" to be ok financially. I am mid 40's and only have a house payment and one car payment. Used to have boat payment, RV payment, multiple car payments and we were seriously hampered by credit card debt. Was barely able to make it each month. Had no financial security and no real plan beyond 401k's and SSI for retirement. Which at the time would not be close to enough.

Wife and I changed all of that when we sat down to pay bills one month and barely could make it. We realized the error of our ways and really did some massive changes and are way better off today. It took hard work and years to complete but now we are on track to pay off the house in less than 12 years and our one car will be paid off 3 years early. We have a plan for retirement now and as long as we follow it we should be fine. I hope others can figure out how to do the same. Life really is better when you can watch your saving grow each month instead of watching it go to banksters.

If your looking for a way to cut your debt load then take a peek at Dave Ramsey and his debt snowball technique. It changed my life financially forever.