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Is Debt Shifting for Millennials and Seniors?

Recent graduates carrying tons of student loan debt are now being joined by senior citizens in carrying high debt loads. A major debt shift for millennials and seniors is occurring in this country.  As of 2014, student loan debt now accounts for 36.8% of total debt in our country. The average student loan debt per consumer is now close to $30,000.

http://www.cnbc.com/id/102070346

The shift in this debt to seniors is happening because these loans often require cosigners. Parents, grandparents, aunts, uncles, and siblings are cosigning many of these private student loans as required by the lender. In addition this age group is going back to school, taking on mortgages, credit cards, and auto loans. If you are burdened by private student loan debt no matter what age, contact a debt settlement attorney. A qualified debt settlement attorney understands private student loan debt and can offer options to revolve this burden.

Author:  Kevin Fallon McCarthy

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.