As part of an ongoing polling project, American Consumer Credit Counseling has been posting a different poll question at ConsumerCredit.com each month. Last month, we asked:
What has student loan debt held you back from?
The results were somewhat predictable, as many people claimed to have delayed several important financial decisions based on their student loan debt.
The Results: 241 respondents
- Over 35 percent of respondents reported that they have had to delay saving for retirement
- 27 percent reported that their ability to buy a car has been impacted
- 29 percent said it has affected their ability to buy a house
- 9 percent of respondents said student loan debt has even impacted their ability to get married
- 35 percent of respondents were aged 25- 32
- 21 percent of respondents were aged 33-40
- 39 percent of respondents were aged 41-55
The only response that earned a low response was marriage. Student loans don’t seem to deter many people from tying the knot. Every other option was selected by no less than 27% of respondents. Respondents were asked to select all that apply, so we can assume that some selected more than one option. One could say that student loan debt has an impact on just about every major financial decision in the debtor’s life. These issues also affect a wide range of age groups. It’s not just those who are a few years out of school. In fact, most respondents were in the 41-55 year-old range. Student loans can stay with a person for decades.
Stay tuned, as we’ll be blogging about ways to avoid student loan debt next week.