The Economics Of Education

March 1, 2005 | | Hawaii Business |
According to the consumer advocacy group Demos, from 1992 to 2001, the youngest adults (18 to 24 years old) saw the sharpest rise in credit-card debt-104 percent-to an average of $2,985. The second-highest increase-55 percent-was among young adults (25 to 34 years old), who also had the second highest bankruptcy rate, just after those ages 35 to 44.
 
According to the educational lender Nellie Mae, incoming college freshmen will amass $1,500 in credit-card debt before the end of their first term. They will graduate with more than $20,000 in debt, more than 15 percent of which will be with credit cards.