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Student loan debts continue to climb

Student loan debts have slowly progressed from a minor concern to a genuine problem, then from a genuine problem to what the CEO of the National Foundation for Credit Counseling has called "a ticking time bomb." Though many have mentioned the soaring student loans, which crested at a whopping $1 trillion back in 2012, it seems that very little has been done to actually address the issue. The result is that the numbers continue to balloon, and at $1.3 trillion, it seems like there is no end in sight.

There are a number of issues that contribute to the student loan debt problem, and the cause will vary depending on whom you ask. Some say it is young students who cannot manage their finances signing up for loans without realizing exactly what they are getting themselves into. Others blame the economy, claiming that since students are not able to get jobs in their fields, they cannot pay back the loans that earned them their degrees. The truth is all of these things and more.

Most people know that student loan debt cannot be forgiven through bankruptcy, but not many people understand how this also affects the rising numbers. Without any form of significant debt relief, students are unable to pay back their loans at a meaningful rate, only falling further and further behind. What you may not know is that bankruptcy can still help you, even if you are struggling with student loan debt.

A personal bankruptcy filing may not seem like the best idea if your largest debts come from student loans, but it is important to remember that you are likely being forced to make the minimum payments on all of your expenditures. Car payments, house payments, credit card debts and student loan debts all combine to make massive monthly expenditures. However, personal bankruptcy can allow you to discharge some or all of these other debts, freeing up your finances to devote more to student loans, and letting you pay them off more quickly. If you live in Texas, and you would like to explore how bankruptcy can give you a fresh financial start, consider meeting with a bankruptcy attorney.

Source: WWLP, "Debt counseling expert says student loan crisis is a 'ticking time bomb,'" Al Vaughters, Oct. 18, 2015

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