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19/01/2012 -
Student debt is a mounting problem in the U.S. The New York Federal Reserve recently reported that the total volume of student loan debt is now greater than that of credit card debt - for the first time in history.Many economists worry that this will damper Americans' spending habits and major purchasing decisions, especially among young professionals.
Perhaps unsurprisingly, a recent survey by the Professional Risk Managers' International Association found more than 67 percent of risk professionals agree the number of student loan delinquencies will rise over the next six months.
However, there is some hope on the horizon - at least in terms of the ability to pay off these debts. A separate report released this week by Auriemma Consulting Group shows the number of consumers who claim they've adopted a recurring payment for student loans soared to a high of 29 percent in 2011, up from a mere 3 percent in 2009.
"This says a lot about how Millennial college graduates view their student loan debt obligations and their payment priorities," said Dr. Patricia Sahm, managing director at ACG. "Today's college graduates may view recurring payments not only as a means to build their credit records, but also as a very convenient way to do this."
