Not only are student loan debt levels rising in America, but the overall level of credit and medical debt has been increasing for quite some time. A new study was released indicating that the two are correlated.
A Pew Research Center study released last week compared the households of adults under 40 with student loan debt to the same demographic without student loan debt. What they found was that households with student loan debt also had higher loans of credit card, car loans, and mortgage debt.
On average, a household with student loan debt carried a total debt balance of $137,010; compared to $73,250 for households without student loan debt. Accounting for the actual student loan debt balance itself, the study found that the overall debt levels were higher and that these households were having to support their living expenses partially through other sources of debt. In other words, the student loan debt burden was putting a strain on their ability to finance their lives and impede their ability to save for a nest egg.