Delinquent student loans have reached a new high — surpassing delinquent credit card debt for the first time Proportionately, students are a more irresponsible demographic than credit card users, with the latter group more than 90 days late on 11 percent of its debt compared to the 10.5 percent of the former.
This is particularly unfortunate because student loans are generally unforgivable — even after bankruptcy. It also means that 11 percent of an entire new crop of debtors are off to a very bad start.
This type of bad debt will at least keep them away from getting credit cards of their own to rack up more debt. However, with delinquencies rising on a record-breaking nearly $1 trillion worth of student debt, let’s hope that recent grads haven’t given up on the future of our economy, or themselves.Related