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Fin Plan Apr 2012 - "Young and In Debt: What Should You Do?"

Fin Plan Apr 2012 - "Young and In Debt: What Should You Do?"

Fin Plan Apr 2012 - "Young and In Debt: What Should You Do?"

Excerpt


Young and In Debt: What Should You Do?


Members of the so-called Generation Y are in over their heads. A new online survey by The PNC Financial Services Group shows that people in their 20s are carrying record debt, averaging $45,000 across the age range of 20-29.


Student loans make up the biggest slice of the 20-somethings’ debt pie. With the interest rate for government-subsidized Stafford loans set to double this summer, going from 3.4 to 6.8 percent, the educational debt loads carried by young people will get even harder to bear. Credit cards, auto loans and mortgages make up the remaining debt.


 



 



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