A recent study has revealed an unfortunate side effect of our floundering economy. A stagnant job market and staggering student loan debt has left struggling young people with little recourse other than to save money where they can, no matter how embarrassing the measures.
It’s now estimated that one-third of people 18 to 34 years are living with their parents. While personal accountability is important to consider in these instances, they are also a clear reflection of the troubling times we face.
Despite reports to the contrary, our economy is not in a state of recovery. The student loan bubble keeps inflating due to rapidly rising tuition costs. Coupled with the poor job market, the delinquency rate for student loan borrowers has been increasing.
This information is troubling because it mirrors the housing crisis of 2008. The housing bubble burst as a direct result of bad loans made to people with poor credit. The student loan crisis is rapidly degrading into a similar situation, and harms our economy’s chances for future growth. Some people have given up looking for work altogether, relying on the safety net of living with their parents. It’s only a matter of time before the parents begin looking for a safety net as well.
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