Older consumers adding student debt

Older consumers adding student debt While many consumers are working diligently to reduce debt and get their finances under control, one type of credit many consumers are adding in large quantities these days is student loan debt.

Student loan borrowing has increased for nearly every consumer age group, but none moreso than for those between the ages of 35 and 49, according to a report from Reuters. The credit tracking website Credit Karma recently found that the amount of student loan debt carried by those in this age group has risen 47 percent in the last three years.

"More and more people are going back to school," Credit Karma CEO Kenneth Lin told the news service. "High unemployment, rising tuition costs, artificially low interest rates from the government, and increased for-profit school advertising… [adds up to] consumers taking on student loan debt at an alarming pace."

Many consumers are worried about their credit card debt, but student loan debts are another consideration many may overlook when setting a monthly repayment schedule. However, it is important to make sure all aspects of personal finances are accounted for when looking for debt relief.