Student loans, credit card debt, medical bills, home mortgages, and auto loans: paying off debt is certainly a major cause of financial stress in many people’s lives. Out of all the debt that all Americans currently carry combined, it’s not a stretch to learn that the number one highest amount of debt is from mortgage loans. However, the biggest source of debt for people in Texas may come as shock to residents.
The Biggest Source of Debt for People in Texas
In Texas, we found that student loans are actually the biggest sources of debt! Texas joins Colorado, Georgia, Montana, and Michigan as being among the states where student loans are the most burdensome. If you have been following the student debt sector at all, you may know that it has been growing massively since 2008 and is continuing to rise. In fact, nationwide, student debt is the number 2 largest amount of debt for consumers in the United States.
When taking age into consideration, student loan debt takes the top spot in largest sources of debt, and Millennials, ages 18 – 34, are the ones carrying the load. In looking at this age group some interesting numbers emerge. The median amount of those who have student debt is around $9,100, and while an equal amount of men and women have student debt, women have almost twice as much: $15,000 on averages versus $8,000 owed by men.
If you are carrying federal student loans, the U.S. Department of education allows individuals to enroll in income-driven repayment plants, which takes what you currently make and the size of your household into account when formulating a lower monthly payment. If you don’t qualify for any of these plans, but still can’t make your payment, there are other options. While your student debt might not be dismissible by filing a Chapter 7 or Chapter 13 bankruptcy in Houston Texas, it may help eliminate other debts such as medical or credit cards bills, which could free you up to make your student loan payments