Whenever people are just starting out, getting out of college and venturing into the workforce, they may be starting out with a lot of debt under their belts already and are unsure how to handle the newfound debt. For Florida young adults and others, there may be student loans to contend with and also credit card debt. There are recent reports outlining just how many people are under the cloud of debt, particularly student loan debt.

As it currently stands, Americans have student loan debt totaling $1.2 trillion. The amount has actually tripled in the last 10 years. Student loan debt now surpasses credit card debt, and only mortgage debt amounts to more for Americans.

There are currently talks of the government possibly taking action to help those struggling with student loan debt. One possibility is making it possible for borrowers to renegotiate the interest rate of student loans. The renegotiating of mortgage rates and even credit card debt has made it so that payments are more manageable for countless individuals.

While renegotiating interest rates is a helpful tool for dealing with debt, some people may reach a point where other courses of action must be explored also. For some who are trying to manage credit card debt, student loan debt and mortgage debt, options such as bankruptcy may be worth investigating. While some debt can’t be discharged through bankruptcy, credit card debt can be, and this may help struggling young adults or families in Florida get the fresh financial start they need and deserve.

Source: nydailynews.com, “Americans owe $1.2 trillion in student loans, surpassing credit card and auto loan debt totals“, Dan Friedman, May 17, 2014