All across the country as well as right here in Saint Cloud the economy is showing definite signs of improvement. Fewer people are struggling under heavy debt burdens and more people are able to save money for their later years of life. Although general trends suggest that Americans are better off now than they were five years ago, one population of debtors is still fighting to find effective debt relief.

People with student loan debts are particularly burdened in the present economy. A significant number of individuals carrying student loan debt have defaulted on their obligations by failing to make payments and others are unable to acquire other debts due to their overwhelming student loan burdens.

In the past, people who had student loan debt usually had higher credit scores, higher incomes and higher rates of home ownership than people who did not have such obligations. At present, the opposite is now true as people with student loan debt do not earn enough income to afford to buy houses or other pricey items that they might have purchased in the past.

One reason that student loan debt is a bigger problem now than in the past is that fewer people are completing their degrees but still incurring loans for the education they do complete. In essence, people are getting loans but not the completion degrees that would allow them to potentially secure higher paying employment.

While overcoming the burdens of significant student loan debt may seem insurmountable, there are options for those who need assistance. Debt consolidation can allow individuals to lump their debts together into one payment at generally lower interest rates. People who are interested in learning more about debt consolidation and other financial options for managing their debt may want to speak with bankruptcy attorneys about their possible paths to financial freedom.

Source: The New York Times, "The Hefty Yoke of Student Loan Debt," Floyd Norris, Feb. 20, 2014