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Factoid of the Week: The Young Debt Dilemma

Item published on Oct 1st, 2007 | Comment | Trackback | Categories »
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.
Source: USAToday.com, Experian.com

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