Americans are facing a mountain of student loan debt, totaling more than $1.7 trillion, and it’s a serious source of stress for many borrowers. In fact, almost a quarter of people who have student loan debt say borrowing too much is their biggest financial regret, according to a recent Bankrate survey. “I think what this shows is student loan debt can really become a huge inhibitor for Americans to grow their wealth,” said Bankrate’s Sarah Foster. “They say that they haven’t really been able to buy a house because of that debt. Some of them are delaying getting married or having children.”
While 24% of people with student loan debt said borrowing too much was their biggest financial regret, 20% said they have no financial regrets, 17% said their biggest financial regret is not enough emergency savings, 15% are the most frustrated about too much credit card debt, and 13% said their biggest financial regret is saving for retirement too late.
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Article URL : https://www.azfamily.com/2023/09/26/people-with-student-loans-regret-borrowing-too-much/