Americans owe some $826.5 billion in revolving credit, according to June 2010 figures from the Federal Reserve. (Most of revolving credit is credit-card debt.) Student loans outstanding today — both federal and private — total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com.
Lynne’s comment: This is notable because for the first time student loan debt is greater than credit card debt. Not only is the debt greater, but the number of students carrying this debt is a subgroup of the total consumer population carrying credit card debt.Follow me on social media: