The study illustrates some deeply disturbing facts about the young adult age bracket. Three out of four young people report having gone deeper in debt over the past year. One in five reported having had their phone, cable or utilities cut off, and one in seven have faced repossession or had their credit card cancelled due to non-payment. One in three young people who owe money on a credit card owe more than $10,000 overall.
Yet perhaps the most disturbing fact: Qvisory states that more than half of all young people have gone without health insurance at some point in the past five years - including 75 percent of those who currently have medical debts.
College is just not the same as it was in much of the 20th century. The costs involved with a college education have risen exponentially faster than the overall inflation rate, causing many students to be financially strapped throughout their college career or forcing them to take out costly loans. Rising costs are due in part to increased demand for college educated workers, corporate greed on behalf of companies that see college students as a giant ATM and fiscal irresponsibility by the government.