Student Debt Keeps the Young From Big Spending

Student Debt Keeps the Young From Big Spending

student loan
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student loanHave you delayed major life decisions and purchases because of student loan debt? Well, you’re hardly alone in that.

Hundreds of thousands of young people nearing age 30 have put off major purchasing decisions because of their debts, the New York Times reports.

A new study by the Federal Reserve Bank of New York found that 30-year-olds with student loans were less likely to have home mortgages than 30-year-olds without student loans. And the same held true for 25-year-olds and car loans.

The silver lining: (Because there has to be one!) The study found that those with student loans are better educated and can expect to earn more money over their lifetimes.

Feel better?