X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ISLANDIA, N.Y. – A survey of 1,500 adults found that two thirds of them said the burden of their student loans prevented them from additional borrowing for major purchases, such as homes or cars. In the monthly survey conducted by Cambridge Credit, 18% of those surveyed said that they or someone in their household had student loans outstanding. One-fifth of those borrowers described their student loans as major burdens, while half described them as minor burdens. “Student loans are particularly burdensome for younger and lower-income respondents,” Allen Grommet, an economist for the debt counseling service, wrote. Thirty-four percent of the consumers between 18 and 34 reported that they were still paying off student loans, compared to 1% of those over 65. Nearly a third of the borrowers whose household income was under $25,000 reported their loans as burdensome, while only 16% of borrowers with higher incomes did so. The organization reported that 27% of the consumers who during the past month cited frustration with high bank rates and fees as their main reason for seeking debt management advice. Slightly fewer (23%) cited income reduction or job loss.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.