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Is there such a thing as Good Debt? | TheLoop21.com

The country’s student loan debt is now out pacing what is owed on credit cards. That was the topic of a recent Wall Street Journal article

…The country’s student loan debt is now out pacing what is owed on credit cards. That was the topic of a recent Wall Street Journal article. The article found that Americans owed $826.5 billion in revolving credit - which is mostly credit cards - according to June 2010 figures from the Federal Reserve. The amount consumers owed on federal and private student loans totaled about $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com. There are many reasons for the change. Many of us are paying down our credit cards, which is great in terms of building our personal wealth. Read More: Private prisons: The new plantations of modern-day slavery College dropouts: Why minorities don’t graduate Fool’s gold: Don’t be too hasty to get cash for old jewelry The recession has also prompted many of us to return to school to switch careers or prepare us to advance in our current careers. That is also goods in terms of personal fulfillment and professional development. But the statistics…

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Is there such a thing as Good Debt? | TheLoop21.com

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More Debt Owed For Student Loans Than Credit Cards

The debt on student loans in the United States has reached $830 billion, surpassing debt owed by consumers on their credit cards.

…The debt on student loans in the United States has reached $830 billion, surpassing debt owed by consumers on their credit cards.
Revolving credit debit, most of which is carried on credit cards is currently hovering at $826.5 billion, according to the Federal Reserve. For most Americans that should come as a surprise, because at the height of the financial collapse in the third quarter of 2008, the Fed announced revolving credit debt at $975.4 billion.
Credit card balances have gotten incrementally smaller since that time with widespread advertisements and warnings in all manner of media about the perils of amassing huge card balances.
People have been encouraged to pay down expensive debt that comes along with high interest payments and many consumers have followed that advice. Banks have cut off credit to those deemed unworthy and lower credit limits have been imposed on others.
Much less has been written and spoken about the cost of debt on student loans, its precarious rise to the new historic level and…

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More Debt Owed For Student Loans Than Credit Cards

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