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This infographic studies the increase in delinquent student loans and tries to explain this unfortunate fad.
For the first time in history, the delinquency rate on student loans is higher than on credit cards. For those who aren’t familiar with the term, it basically refers to defaulted loans. This means that there are more people unable to pay back their student loans than people unable to pay back their credit card debt.
Total outstanding student debt in the United States numbers over $956 billion. The average student debt balance has increased from approximately $15,000 in 2005 to close to $25,000 in 2012. This means more students across the board are deeper in debt due to student loans than ever before. This is the kind of pattern leading to more delinquent student loans.