Student loans are a type of debt that more and more people are taking on. Often, many individuals in Arkansas and other parts of the country have no choice but to take out loans if they hope to pay for their college tuition. While this may seem like the right step at the time, the financial issues it causes in the future may also lead to divorce.
While the correlation between student loan debt and divorce may seem unlikely, it was recently reported that 13 percent of divorced individuals who participated in a survey indicated that their student loan debt led to their divorces. This statistic may not be as surprising as it seems as more people are taking out student loans. Plus, they are also borrowing higher amounts of money.
The report stated that the average 2017 graduate held approximately $40,000 in student loan debt. Because finances can often strain relationships, it is likely that this amount of debt could cause issues. Additionally, many individuals put off important life milestones, like buying homes or having children, because of the burden their student loan debt has already created. Financial instability can cause a considerable amount of stress, and some marriages may not be able to withstand it.
Divorce can happen for any number of reasons. If financial issues have led to some Arkansas residents making the decision to end their marriages, they are not alone in doing so. Of course, they may face a difficult journey ahead as they work through the necessary legal proceedings to dissolve their marriages, and they may wish to utilize local legal resources for assistance.