Younger people are taking on debt at a higher rate and paying it off at a lower rate. When they reach age 75, the debt picture for them will look a lot different than what we currently see. When you project out these trends, it is not so optimistic.
We’re seeing people carrying much more debt than previous generations into retirement. Before, most people would have already paid off their 30-year mortgage before retiring—but those generations also weren’t taking advantage of home equity lines of credit and refinancing options. Paying off such a loan really aids cash flow in retirement and makes your financial situation less precarious.
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ALTRUISTIC USER FIRST ECONOMY
Reverse the debt cycle – empower and incentivize individuals to take control of their finances. Biterra is an ecosystem that thrives alongside the positive effects of its members. When a user is spending less, meeting their goals and investing more – the Biterra Ecosystem grows. Inturn enhancing reward output.
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