Young Americans were among those hit the hardest during the national economic collapse in the early 2000s. Now almost a decade later, credit card debt still poses a major threat to this group but recent findings suggest that another type of debt could be far more damaging. In 2010, student loan debt surpassed credit card debt by almost $5 billion.
In this country, a four-year education can cost up to $100,000. Compared to the cost of an education fifty years ago, this figure is grossly inflated. Using the infographic compiled by the debt specialist at ConsolidatedCredit.org, evaluate the disparities for yourself. It’s quite apparent that our grandparents faced a very different reality. With that in mind, it’s important to plan ahead for your financial future.
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The best way to get a handle on your debt is to seek help from professionals who have access to the necessary tools and resources. No one says you have to go it alone, so do yourself a favor and seek out a debt management agency.