San Diego, CA
Today. Young Americans continue to carry the heavy burden of their student loans. This burden not only affects the borrowers, but also affects the economy as a whole because these consumers cannot afford to purchase homes. Total student loans have topped well over $1 trillion dollars, increasing 7.1% over the last 12 months. A recent article in the San Diego Union Tribune explores this economic problem.
Prior to the economic downturn of 2008, consumers with student loan debt were actually more likely to take on home loans due to other positive factors including higher earnings, better jobs, and greater economic potential. Now, the trend has shifted sharply in the other direction. Those consumers with student loans are playing a greatly reduced role our economy, not only unable to buy homes but also unable to buy cars and other consumer goods. More troubling is that student loan delinquencies and balances are on the rise. Total American credit card debt stands at $700 million dollars and overall American consumer debt has risen to $11.8 trillion dollars.
Action Plan: If you are burdened by student loan debt that prohibits other major purchases consult a qualified and licensed debt settlement attorney. A qualified debt settlement attorney is a licensed expert in the field of consumer finance and should be the only source for a legal opinion on debt. During an initial free consultation the attorney can discuss available options to get out of debt and on the way to financial freedom.