For years the credit card debt in the United States trumped all. All other types of debts, that is. Meaning that credit card debt was higher than any other types of debt for the majority of Americans.
But recently another type of debt has become the largest debt. Student loan debt has now exceeded the debt of credit cards.
This is based partially upon the fact that fewer people responded to fewer credit card invitations in the past year with the economy and the new CARD act.
Also, jobs are scarcer and more and more students are applying for student loans to get them through college. Add to that the disquieting fact that many parents are also finding themselves unemployed and rather than using their savings to fund their children’s college tuition as they had planned they are using their savings for day-to-day living expenses.
In recent times there have been numerous opinions published about the value of a college education and the costs involved. Unfortunately, at this point in history a college education does not offer any promise of a good job and many graduates are working at entry-level jobs that are not even related to their field of study.
Read more at the Eastern Echo.