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The national savings rate fell into negative territory for the first time since the Great Depression. The Commerce Department reported that Americans' personal savings rate fell to minus 0.5 percent in 2005. This means that people not only spent all of their after-tax income last year but also had to dip into previous savings or increase borrowing.
The cost of college has almost doubled in 20 years. From 1985/1986 to 2005/2006, tuition, fees and room and board at public colleges rose 78% from $6,825 to $12,127. At private colleges, the increase was 81% during the same period from $16,026 to $29,026. As a result, the number of students graduating with more than $25,000 in load debt has tripled since the early 1990s.
Average credit card debt for college students is $2327, with 21% carrying between $3,000-$7,000 and another 6% carrying more than $7,000.