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College graduates stretched in their budgets, seeking debt relief

Going to college is often seen as a good thing: With a degree, a person's job options increase, and the person may enjoy higher earning power. However, going to college can also been viewed in a negative light if a college graduate leaves campus with tens of thousands of dollars in student loans. It's natural to want debt relief in this type of situation in Pennsylvania.

Some couples may have combined student loans that cost them upward of $1,000 per month in payments. A payment of this size can have an adverse impact on a couple's life decisions. For instance, they may wait a few more years to have kids, or they might delay purchasing a home.

The problem is that many individuals feel pressured to go back to school to get their master's degrees. However, this only tacks more debt onto existing debt. Keeping up with monthly obligations such as utilities and rent can be overwhelming when student loans are sucking up a large chunk of one's earnings.

About 70 percent of individuals graduate from college with debt, and the average debt amount is more than $29,000. That combined with other debts can make a person feel desperate for debt relief, but they may not know where to turn. In Pennsylvania, it is possible to get rid of the burden of most debts by filing for bankruptcy. Even though it is nearly impossible to alleviate student loan debt through bankruptcy, wiping out other debts gives a person the financial freedom he or she needs to finally tackle the college debt quickly and aggressively.

Source: Forbes, "Avoid The Dark Side Of Debt: How Best To Take Out Student Loans", Laura Shin, May 12, 2014

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