For the first time ever, the total student loan debt exceeds total credit card debt in the U.S. ... at 850 billion dollars to be exact. (Consumers owe about $828 billion in revolving credit, including credit card debt, according to seasonally adjusted numbers in a report on July credit from the Federal Reserve.)
Some blame student lifestyles, not education, saying that pizza they may have bought their freshman year may not be paid for until well after they graduate ... but other students have their own theory.
Caroline Burkholder, an FSU student who had to take out loans says, "Parents maybe ended up using some of the money they put away for their kids for college when the economy was down and the recession and how it still is now. Dipping down into saving when they maybe didn't expect to need to do that before."
Advisors have hundreds of tips to help keep students out of a financial crater ... including: to not borrow more for your education than your expected starting salary after you graduate.