[x] Posted in The DesiConnect, The MidEastConnect, The AsiaConnect, The LatinConnect, The AfricanaConnect, Factoid of the Week
Below you’ll find a quick and dirty snapshot of the Young Professional debt crisis. Have you done a good job of managing your money? Or are you just another statistic? If managing money isn’t your forte, you don’t need to feel alone:
- Nearly two-third of twenty-somethings carry debt.
- Nearly half have stopped paying a debt forcing them to get sent to a collection agency.
- Total debt is up 10% – an average of $16,120 as compared with five years earlier.
- Student loan balances rose 16% to an average of $14,379.
- Debt has forced some young people to change their career plans. Of those surveyed by USATODAY, 22% say they’ve taken a job they otherwise wouldn’t have because they needed more money to pay off student debt.
- 29% have put off pursuing higher education because they already have too much debt. 26% have put off buying a home. 11% have put off marrying and 14% have put off having children.
- 19% have moved back home to live with their parents to put off costs.