Student loan debt a drag for Gen Y
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Student loan debt continues to increase as other forms of household debt decrease, a recent report from the Federal Reserve Bank of New York shows. This continues the trend of the past four years.
The third quarter of 2008 marked the peak of household debt. Since then, student loan debt has increased by $293 billion; other forms of household debt collectively decreased by $1.5 trillion.
For the first quarter of 2012, consumer credit reports showed:
- the amount of student loan debt was $904 billion nationally; and
- the amount of overall indebtedness was $11.5 trillion nationally.
Student loan debt is the only form of debt to “substantially” increase since 2008. In the second quarter of 2010, this form of debt surpassed credit card debt as the second highest form of consumer debt.
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About The Author
Sarah Cantino
is lead editor for the Landlords, Tenants and Property Management and Real Estate Property Management books.
maybe if the dummies taking the loans gave some thought to the degrees they were seeking they might rethink the wisdom of taking on a debt of $3-100,000 for a degree in “cultural studies” or “sociology” or any of the many retarded majors that are offered.
i know one gal with THREE Bachelors degrees in USELESS majors (history, art studies and some other BS) with $100,000 in student loans…there is no way in hell any job a history major takes is “well paying”…
make student loans bankruptable, force the lenders and debtors to make educated decisions and let the market decide how many dingbats we need with three BA’s in english and music…i say less than six nationwide
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