Back to School Debt Series: Global News Talks Paying off Student Loans

With the back to school season in full swing, it is easy to forget what lies at the end of the tunnel in the midst of all of the excitement and anticipation, especially for those individuals taking on a post-secondary education. But what comes at the end of the road to educational betterment is often coupled with bills that can have a major impact on a person’s financial future. As the fourth and final contribution to our back to school debt series we thought we’d share an interesting article that we found that deals specifically with student debt.

The recent Global News report, “Student debt shacklesyoung people for years, study finds,” shed some alarming light on the status of recent graduates in Canada, and how student debt can be crippling when it comes to financial stability. The report, which looked at the impacts of the continually increasing tuition costs to students after graduation, found that “young adults owing student debt trail way behind their peers when it comes to wealth accumulation.”

Both recent graduates in Canada and the United States are dealing with these hikes: “1 in 8 Canadian families has student loans with a median value of $10,000, only slightly less than our neighbours to the south. In 2012, Canadians owed $28.3 billion in student loans, up 44.1 per cent from 1999.” These numbers demonstrate just how vital dealing with student debt has become.

If you are struggling to make your minimum payments on your student debt, or find yourself unable to cut down the amounts you owe even after months of payments, please contact DebtCare today. We can discuss options with you to get you out from under the shadow of that debt and get you back on the road to financial stability.  Call us today at 1-888-890-0888.