From CNBC:

Survey respondents who expect to pay off their debts anticipate doing so at an average age of 53. But in addition to the 18 percent who expect to owe money forever, another 25 percent expect to be in debt until at least age 61.

Older respondents are more likely to believe their debt will be with them forever. Some 31 percent of those over age 65 expect to be lifelong debtors, compared to 22 percent of those aged 50 to 64 and just 6 percent of millennials aged 18 to 29.

This is not normal. Throughout the history of Western Civilization, debt was viewed as something unusual, only to be taken on in certain cases. If you are starting a business or buying an asset that will pay off the debt for you, that is a good use of debt. If you are financing the purchase of a house over 15-30 years, that is OK debt–assuming you have saved up a large down payment and can comfortably afford the payments. If you are using debt for routine purchases (and not paying off the credit cards in full every month), or taking out a massive loan for a worthless degree, that is bad debt.

The mindset that expects to be in debt for the rest of one’s natural life is not healthy. This is what we call debt servitude.