Student loans are necessary for many college students. They are a bet balanced against making enough money after graduation. Evidently, that carries more risk than it should. Student loan debt is now greater than credit card debt, car loans, and home equity loans. The greater the student loan debt, the less likely graduates will spend money via credit cards, buy new cars, or have homes. Unemployment may be down, but wages aren’t up enough to swing the balance. The economy will be dampened until the balance shifts, and if it doesn’t, then defaults may dampen it as well.
“American Student Loan Debt Has Surpassed The GDP Of Australia, New Zealand, and Ireland Combined” – Quartz
Pretending Not To Panic 
This is so scary! I was lucky enough to have parents who put away money for my college education, so I graduated without dept. However, many of my classmates were not so lucky. My new roommates are both college graduates and both having to pay off massive student dept. Students are having to start off life in the red, which puts them behind in so many things, like you said. Although I know student loan debt is a big problem, I never imaged that it was greater than credit card and auto loan debt.
LikeLike