That money fleeing from your bank account every month is going more toward student loan debt more than any other kind of debt, says a new report. So now when you ask yourself, “Where does it all go?” you’ve got an answer.
The Washington Post cites a report from the Federal Reserve Bank of New York, which says we owe more for our education debts in the country than credit card or auto loan debt.
Nationally, student loan debt is at $870 billion, compared to $693 billion in credit card debt and $730 billion for auto loans, according to Grading Student Loans, a scholarly blog published by economists at New York Fed.
So who’s holding on to all that debt? The onus of one-third of the national balance is held by people ages 30 to 39 and another third older than that, which means only a small part of graduates are able to dispense of their debt while still in their 20s. Whoever those smart/lucky/savvy people are, I salute you.
For the rest of you slackers, $85 billion of the student loan debt is “past due,” so, tsk tsk.
Student loans surpass auto, credit card debt [Washington Post]