This is a phrase many millennials have heard at some point during their life from their parents, especially with respect to today’s average debt.
A recent study of 1,000 undergraduate and 1,000 postgraduate degree holders revealed that, of those with student loans, 89 percent see their debt as a financial burden.
It’s more than just living check to check—the sacrifices that have had to be made speak for themselves:.
Respondents were even willing to take drastic steps if it meant wiping their debt slate clean:.
Consequently, student loans have become one of the major contributing factors to the U.S. consumer debt today.
But what’s even scarier is the failure to consider the 11 percent default rate—which is the highest of any debt category.
The unsettling truth is that recognizing that ahead of time could save you from a life of stress and financial servitude. »