Some Oregon consumers who file for bankruptcy may be carrying significant student loan debt. The company LendEDU found that nearly one-third of people who filed for Chapter 7 bankruptcy had student loan debt, and on average, almost half of their total debt was student loans. Even though most student loans cannot be discharged in bankruptcy, the filings appear to be increasingly driven at least in part by these obligations.
Study finds student loans debt may contribute to bankruptcies
High interest rates can make credit card debt harder to pay off
Those who have credit card debt pay an average interest rate of 18%. However, Oregon residents and others who have poor credit could pay as much as 25% interest on a revolving balance. One way to avoid paying interest altogether is to pay down a balance by the completion of the billing cycle. However, this is not always possible because of student loan or other debts a person may have.
