Not all student debt is created equal. Most college degrees will cost you approximately the same amount, but some of those degrees will lead to jobs that make it almost impossible to pay off your student loans.
In this article, GM Law Firm, LLC, reveals which professions are connected with the highest ratio of student loan debt. We will also discuss the widespread nature of debt in the US, growing at an alarming rate. The proliferation of extreme debt is on the rise, and Americans seem to have accepted this as a necessity to modern life.
The Rise of Debt in the US
Both student loan debt and credit card debt are the leading causes of bankruptcies in the US. The events of 2020, combined with the rising cost of living, have created a dire situation for many Americans.
While it can be hoped that the economy will continue to improve and that businesses will be able to go back to normal again soon, the rising tide of student debt and credit card debt will likely haunt Americans for many years to come.
Student Debt is Related to Profession
As mentioned before, student debt load is directly linked to the profession. Many professions do not pay well enough to allow people to pay off their student loans. This troubling trend indicates just one of many facets of American life that are growing exponentially more expensive.
Studies show that some of the professions you thought would make you enough money to pay off your student debt are actually related to a higher percentage of student debt load than income. Veterinarians, dentists, and lawyers often do not make enough each month to cover the burden of student loan debt they are carrying.
In contrast, computer science majors, MBA holders, and nurses are far more likely to be able to make their student loan payments without having to give up a considerable chunk of their monthly income. These statistics indicate a concerning trend that suggests that many college degrees do not translate into income that will cover the cost of the degree.
Debt is a Daily Reality for Many Americans
Americans are taking on more and more debt at an increasingly young age, and consumer surveys indicate that many Americans do not have a good grasp of how loans work. This lack of understanding about debt and how it will affect a person later in life leads to more and more people finding themselves on the brink of bankruptcy.
If you have student loan debt that you are struggling to pay off, you are not alone. Thankfully, there are options available to help you reduce your debt burden and assist you in paying it off in a timely fashion. If your debt is threatening your financial security, get help from an expert in student loan debt reduction today.
About GM Law Firm, LLC
GM Law Firm, LLC, is a consumer advocacy law firm based in Boca Raton, Florida, that empowers clients battling credit cards, repossessions, installment loans, private student loans, and medical debt to fight for their rights and help negotiate a satisfactory debt resolution. The experienced attorneys from the GM Law Firm, LLC, also legally protect clients against harassing debt collectors and provide a customized strategy for debt defense. Contact GM Law Firm, LLC, for a consultation.