Student Loan Debt surpass Credit Debts
According to a report by the publisher of FinAid.org and Fastweb.com , Mark Kantrowitz in the first time last year student loan debt surpassed credit card debt. According to the report the student loan debt is $830 billion, while the current credit card debt is $826.5 billion.
According to a CNBC study released earlier this year, USC ranks seventh in the nation for average student debt, with the average graduate having to repay a debt of $36,787. In student loans last year’s graduates owe an average of $24,000 nationally. It is encouraging that student loan debt has eclipsed credit card debt said the chief marketing officer for the USC Credit Union, Michael Kim.
Kim said, “The bottom line is that all debt must be repaid,” . Kim encourages students to note that debt needs to be repaid, is still debt, whether good or bad because many economists look student debt as a valuable investment. Kim recommends students try to minimize loans as much as possible to balance student loan debt and credit card debt. According to Kim at all costs credit card debt should be avoided and to avoid accruing interest and to build a positive credit history the total balance should be paid off each month.