Good Debt, Bad Debt – Bangor Daily News

Good Debt, Bad Debt – Bangor Daily News.

For the first time in history, the Federal Reserve reports, Americans collectively owe more on student loans for postsecondary education than they do on their credit cards. The Fed reports that Americans owe $826 billion in revolving credit, most of which is credit card debt. That’s significantly lower than the $975 billion owed in September 2008. Outstanding student loans are $829 billion.

While student loan debt might be seen by most as a sound investment in one’s future, especially compared to the disposable goods purchased on credit cards, there should be a cautionary note added to this story. Student loan debt can cripple a young man or young woman entering the work force after graduation, and too many of those young people are not aware of how much debt they are on the hook for as they doff their mortarboards.

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