Credit Card Debt is Now Trumped by Student Loan Debt

Believe it or not, but recent studies are showing that the total amount of debt incurred by the American populace from student loans now exceeds that of our total credit card debt.  That is truly incredible.  Here are the specifics:

  • Total Credit Card Debt:  $829.76 Billion
  • Total Student Loan Debt:  $826.5 Billion
  • Total Auto Loan Debt:  $313.8 Billion

Obviously college students are incurring a lot of debt these days, somewhere close to $60,000 per student.  It is not known what the total debt for student auto loans currently is.  For more information on the report that published these findings, visit this MSN article.