Yep, we’re in deep student loan doo doo. Awesome.
The amount of student loans taken out last year crossed the $100 billion mark for the first time and total loans outstanding will exceed $1 trillion for the first time this year. Americans now owe more on student loans than on credit cards, reports the Federal Reserve Bank of New York.
Students are borrowing twice what they did a decade ago after adjusting for inflation, the College Board reports. Total outstanding debt has doubled in the past five years — a sharp contrast to consumers reducing what’s owed on home loans and credit cards.
And this has further issues because the economy will suffer with so many adults starting life in debt. This delays their ability to buy houses, cars, get married and have children. SMH. Wasn’t Obama going to give us some student loan debt relief at some point? We’re waitinnnnnng.