Are you worried about the cost of sending yourself (or your kids) to Iowa, UNI, Coe, etc.? Are you thinking that current debt load will never go away? You are not alone.A new report has a dire prediction on the personal debt front....from those actually under water financially.  NBC News reports one out of five Americans believe they are facing a lifetime of debt. Much of the concern among citizens of the Hawkeye State and elsewhere is the inability to pay off college loans.

Data from the Federal Reserve Bank of New York shows student loan debt rose from $390 billion in 2005 to $966 billion at the end of 2012. There's more student loan debt [$1.1 trillion] than credit card debt [$700 billion].

Here's another interesting stat: Of that 20% figure above, just 6% of millennials [18-29 year olds] think they will be lifelong debtors. Hope springs eternal.

Our Depression-era forefathers and mothers used the "coffee can" savings plan (i.e. spend only what you have). Not a bad approach in the modern day.

Maybe Dana Carvey should do a revision on his classic. Change the chopping of broccoli to that of credit cards.

 

 

 

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