According to information compiled by the American Student Alliance:
In each school year between 2000–2001 and 2006–2007, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. Average debt per borrower rose 18%, from $19,300 to $22,700 over this time period. Average debt per bachelor’s degree recipient increased from $10,600 to $12,400.What's more, check out this chart for average graduate student loan debt by discipline:
(Source: The College Board, Trends in Student Aid, 2008)
This is nothing compared to the overall figure for consumer debt in America. I am fortunate to have no credit card debt at all, but I am the exception.
Consumer debt is more than just credit card debt, but that figure is a shocking $962 Billion as of July 2008. That is about $3,000 for every man woman and child in America. Considering that the average interest rate on a credit card in the US is 16%, the credit cad industry sucks $154 Billion out of people's pockets every year.
I say all this because while it is fun for me to play this game alone, I think it would be way better to play it with you. SO how about it? Wanna be free from debt? Declare the date that you will be. In fact, declare the date you will be free from debt on the comments here, and we'll make a plan. I'll also post your blogs and your story alongside mine. C'mon friends, let's get free.
How am I doing in my game?
Here is the latest as of August 1st, 2012:
Total Paid: $62,214.41
Balance: $0
+/- Goal: COMPLETE