Student takes on more loan debt to get out of debt

Mortar board on top of cash - student loan debt
Mortar board on top of cash - student loan debt

Still in student loan debt and wondering how you'll ever pay it all off? One person in this position is pursuing a counter-intuitive approach to get out of debt. Benjamin Huddle, a 31-year-old analyst for the U.S. Department of Transportation, graduated with a bachelor's degree in economics from Virginia Tech five years ago; unfortunately, the degree also put him in debt – to the tune of $50,000 in student loans.

Though Huddle brings in an annual salary of $75,000, he has yet to see a substantial reduction in his student loan debt (accrued interest isn't helping either). "The cost of living in the D.C. Metro area is extremely high and even earning a decent salary is not enough to pay the bills," he said. Surprisingly, Huddle plans to get rid of his student loans by accumulating more debt.