For the first time in history Americans owe more on their student loans than on their credit cards. That's going to make growing up hard.
Last June, for the first time in history, Americans owed more on their student loans, a record $833 billion, than on their credit cards, $826.5 billion. The amount owed on student loans increases at a rate of about $2,853.88 per second, meaning we're on track for total student debt to cross the $1 trillion mark sometime this year.
According to Mark Kantrowitz, publisher of FinAid.org and Fastweb.com, this increasing student debt has long term, macroeconomic implications for our society. He told NPR's Marketplace that the amount of money students owe—on average, $24,000—is usually repaid over a 20-year time frame, which means