Years ago, when people reviewed their budgets, they immediately found that their mortgages constituted their largest monthly payments in Pennsylvania. In many cases, this is no longer true, particularly for young adults seeking debt relief today. Many modern college graduates are paying hundreds of dollars a month on their student loans, thus making college debt one of the biggest types of consumer debt in America nowadays.
In fact, student loan debt makes up more than one trillion dollars in the United States. This means that the debt is higher than car loan and credit card debt combined. A whopping 40 million Americans have student loan debt, and this can stifle the nation's economic growth dramatically.
The national average debt is more than $25,000. Many students may not understand how having to pay back their loans after college will impact them financially in the coming years. This is why they sometimes borrow up to the maximum amount they are allowed, not realizing that the more they borrow, the more they will have to pay back.
Many consumers in Pennsylvania are riddled with student debt, and they can't seem to earn enough money each month to keep up with the payments. Wage garnishment may soon take place, and this causes more of a financial burden on the person. Debt relief may seem to be nowhere in sight. Fortunately, a debtor's quality of life can improve if he or she opts to file for bankruptcy. This type of legal filing usually will not help college graduates to discharge their student loan debt, but they can at least become relieved of their other debts so that paying on their college loans will be easier.
Source: connecttristates.com, "Student loan debt becomes one of the largest forms of consumer debt", Meghan Townley, March 28, 2014