Student loan debt rose $1.2 billion in September

Liz Goodwin
December 8, 2010

Even as millions of consumers dumped credit cards this year, Americans are still piling on more debt from student loans.

Consumer credit debt jumped by $3.4 billion in October to a total of $2.4 trillion, according to the Federal Reserve.

But credit card debt has been falling since 2008, so the increase was led by another jump in student loan debt, up $1.2 billion in September alone, according to the Wall Street Journal. About 8 million people stopped using credit cards over the past year, in part due to tightened lending restrictions.

Average college debt is now at an all-time high of $24,000, not including the debt of students who attend for-profit colleges.

(Stock photo: Getty)