Many may be feeling desperate over their student debt

On behalf of The Rollins Law Firm posted in Debt Relief on Tuesday, October 6, 2015.

There are all sorts of things having high debt can cause a person to feel. One is desperation. A recent survey indicates that desperation is something that many individuals may feel in connection to their student debt load.

In the survey, 200 users of MyBankTracker, a personal finance site, were asked some yes or no questions regarding what they would be willing to do to have their student debt paid off in entirety. The average student debt load of the respondents was $34,500. The median age of the respondents was 32.

Here are some of the things a fair number of the respondents said they would do if it would wipe out all their student loans:

  • Sell off an organ (30 percent of respondents).
  • Join active duty military service (32 percent of respondents).
  • Be a participant in a study of a medication that doesn't yet have FDA approval (38 percent of respondents).
  • Give up half of all their possessions (43 percent of respondents).
  • Be subjected to ever-present paparazzi (55 percent of respondents).

These results seem to suggest that feeling a fair amount of desperation in connection to one's student debt is something that is pretty common in today's world.

Now, desperation can sometimes cloud a person's judgment. When one is feeling desperate in connection to student debt or other debt, they may be tempted to rashly jump into the first debt relief option they come across. However, while promptly addressing debt problems is important, so too is addressing them correctly. Not being careful when it comes to one's student debt relief strategy could result in a person going down a path which will not actually allow them to achieve their financial and debt goals. Individuals who are facing student loan struggles should consider having a discussion with a skilled bankruptcy lawyer about what debt relief routes would be well-suited for addressing their particular student debt problems.

Source: Forbes, “Desperate And In Debt: 30% Of Millennials Would Sell An Organ To Get Rid Of Student Loans,” Maggie McGrath, Sept. 9, 2015

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