10 Ways People Rack Up Debt


Student Loans

Students who finance their educations can end up with huge student loan debts by the time they graduate.
Students who finance their educations can end up with huge student loan debts by the time they graduate.

Not only has college tuition increased, so have the number of students attending college, making it more and more necessary to obtain a college degree to find a job. That means more and more people are going into debt because of student loans. Financial sources predict the federal government has given out almost $300 billion in student loans over the past four years [source: Pilon]. Student loans are a bit trickier than other loans. They can be deferred, which is helpful to students seeking multiple degrees. But, they can also come with hidden charges and fees, and will not be forgiven in bankruptcy. So, while at first a student loan may have seemed like a responsible decision, many students are faced with growing debt that has no hope of diminishing.

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