Cost of Living, Not Debt, is the Biggest Issue Facing Young Adults

It’s easy to point the finger for consumers’ woes with overwhelming debt at credit issuers; it’s even easier when dealing with college students and young adults. This younger consumer demographic – generally less familiar with credit products and often still dependent on parental financial support – make the perfect victim-of-choice for consumer advocates and legislators looking to garner attention about consumer debt and the role credit issuers play in creating a situation where young adults find themselves in financial hardship.

I was recently asked whether or not I would fault credit card issuers and student loan lenders in creating a situation where today’s students graduate from college thousands of dollars in debt. Amid the current economic turmoil and head-line grabbing news of what is now a dramatically transformed Wall Street, this question regarding young adult indebtedness a very serious one, not only for students and their families, but for colleges, lawmakers, and employers.