With poor economic times upon us, it's no wonder that more and more recent college graduates are finding themselves in debt. So in Pennsylvania, it's not surprising to hear that only about half of all graduates are working full-time as well as starting with lower pay than expected. On top of all of this, most of them are dealing with piles of credit card debt and student loans.

In a survey by Rutgers University of people who graduated between 2006 and 2011 found that nearly 12 percent of recent graduates are currently under or unemployed while the rest still work as students or as military volunteers. Additionally, reports say that female graduates are making around $2,000 less than male graduates. Over a third of all graduates say that they took lower paying jobs than anticipated or jobs that would advance them along a career path. Some of the most recent recession-period graduates are earning around $3,000 less annually compared to earlier graduates.

While student debt is nearly impossible to discharge through bankruptcy, the looming student loans can place further financial pressure on graduates. As graduates work to pay their student loans, they may begin having to charge items and bills to credit cards with an increasing frequency. Such credit card debt can quickly become overwhelming, particularly in the face of decreasing incomes.

For some, credit card debt relief can be found by seeking the protection of the bankruptcy court. Throughout Pennsylvania, post-graduates, students, and even families dealing with credit card debt are able to find solutions in this manner while also forging a path for a return to financial stability. For those dealing with credit card debt and filing for Chapter 7 bankruptcy, the filing typically stops creditor harassment and likely results in having their debt discharged. For many, it's a relief to put past misfortunes behind them with a renewed record.

Source: The Telegraph, "Half of college grads working full time, with less pay, deep debt," Tiffany Hsu, May 15, 2012