The New American Dream: Getting Out of Debt

What's Hot


5 Reasons to Shop for a Home in DecemberFamily

Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

15 Things You Should Always Buy at a Dollar StoreMore

Giving Thanks: Why Foreigners Find America AmazingAround The House

New Email Phishing Scam Targets Amazon ShoppersMore

50 Best Gifts Under $25 for Everyone on Your ListFamily

Why Washing Your Turkey Can Make You IllFamily

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 7 Worst Things to Buy at a Dollar StoreMore

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

The 50 Hottest Toys of the Past 50 YearsFamily

30 Awesome Things to Do in RetirementCollege

What does the American Dream look like today? It's not owning a home.

This post comes from Gerri Detweiler at partner site Credit.com.

What does the American Dream look like today? For a quarter of American adults in a new Credit.com survey, the answer is simple: It’s being debt-free.

Retiring financially secure at age 65 was the most popular response to the question, “Which of the following financial goals most closely represents the ultimate American Dream for you?” with more than a third of respondents (36 percent) choosing that option.

The next most popular response? A quarter of respondents picked “being debt-free” as their definition of the American Dream in the 2014 Credit.com American Dream Survey, which will be released next week.

Other responses included owning a home (17 percent), joining the “1 percent” (5 percent), graduating from college (3 percent) and paying off student loans (2 percent). Eleven percent of respondents chose the answer “something else.”

AmericanDream

I can do it, but maybe you can’t

Whatever the dream, the majority of respondents were largely optimistic they can achieve it themselves, but significantly less confident that most others can.

These findings confirm a similar survey conducted last year on behalf of Credit.com, where the top definitions of the American Dream included retirement and freedom from debt. In that survey, like this one, most were more optimistic about their own prospects than those of most other Americans.

Of course, these top two goals most respondents identified in both surveys go hand-in-hand. Being debt-free may very well be a vital step toward a financially comfortable retirement.

Consumers can start now by checking their free annual credit reports and by using free tools on Credit.com to check their credit scores, then using that to map out a plan. Here are five steps to get out of debt. Achieving these milestones will require sacrifice and hard work, but reaching the goal of being free from debt can be well worth it.

Graphic by Credit.com

More on Credit.com:

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Warning Signs for 7 of the Most Common Tax Scams

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,727 more deals!