Report: Americans owe more on student loans than on credit cards

(Photo: CNN)
(Photo: CNN)

(CNN) - If you are stuck with a pile of student loan debt, you aren't alone.

Americans now owe more on student loans than on credit cards, according to the Federal Reserve Bank of New York.

Students took out an estimated $100 billion in loans in 2010 - a record high.

This year, outstanding student loan debt is expected to hit $1 trillion.

Experts say the sour economy is to blame for the increased debt.

They say more people are taking out federal loans to retrain themselves in hopes that their new skills will aid them on the job hunt.

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