Debt is a very real problem for millions of young Americans as they borrow to get through school, spend money on healthcare, and buy on credit to keep up with the latest trends. This new generation is quickly shaping up to be a generation of debtors. The most recent statistics from the College Board show undergratudates that attend a for-profit school use more than $24,000 in student loans while the number stands at $10,000 at public universities. These numbers represent a 35% climb over five years ago, which is lightyears ahead of the inflation numbers that can justify it!

Meanwhile, federal student aid has dropped or remained stagnant over the past few years. Grants have converted to loans as America forces more and more of its young generation into debt. Many students find it hard to pay back such large loans later in life when interest starts piling up and the job market shrinks. The cost of living in many cities has only gone up too as renters are even accepting the plastic to pay bills! Clearly this is a disturbing trend that will need to be addressed on both the government and individual levels.