Student Loans Increase Divorce Rate
There is no doubt that financial problems are a major factor in a divorce. I’ve experienced that myself as a family law attorney, especially during the Great Recession. But now, there is a new trend for the cause of divorces, and it’s Millennials paying the price.
A new report by Student Loan Hero concluded that thirteen percent of divorces are caused by student loan debt. It was only a matter of time.
Student loan debt is estimated at $1.5 trillion, and with the costs of education increasing, so will the national debt.
If the average debt per student loan is just under forty thousand, if a couple both carry that amount, they are walking into a marriage already $80,000 in debt, no doubt affecting finances, and now relationships.
Of course, the effects will be long term which could be damaging to the economy. Having so much debt, which is rarely, if ever dischargeable in a bankruptcy, will delay buying a new car or home.
Alexander Hernandez, Esq.
A large portion of my bankruptcy clients file for bankruptcy because of outstanding medical bills.
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