Student Loan Debt Tops Credit Card Debt

By: Channel 6 News Email
By: Channel 6 News Email

Americans now owe more on student loans than on credit cards.

The Federal Reserve Bank reports that students are borrowing twice as much money for college than they did 10 years ago.

As a result, the total amount of outstanding student loan debt doubled in the past five years.

The increase in debt puts a huge financial burden on students as they start their adult lives, which could negatively impact the economy in the future.

Some with huge loans could delay events like car and home purchases, getting married, and having children.

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