Student loan debt continues to rise. According to the Federal Reserve, in the first quarter of 2018, American student loan debt climbed to its highest point: $1.5 trillion.

A report from the American Association of University Women revealed that in 2016, when student loan debt was still hovering around $1.4 trillion, student debt was disproportionately affecting women, and minority women in particular.

According to the 2017 AAUW report, women made up 56% of those enrolled in American colleges and universities in the fall of 2016, and owed nearly two-thirds — or about $890 billion — of the outstanding student loan debt, whereas men owed about $490 billion.

What’s more, a 2018 wage gap report from the Georgetown University Center on Education and the Workforce shows that women in the U.S. were still suffering from a gender pay gap in 2016.

What does this mean?

Growing student loan debt is likely impacting college graduates across the U.S., regardless of gender. But the AAUW report sheds light on the extra debt burden faced by female graduates, which might still be taking a toll on their financial well-being today.

For example, the study found that 30% of white women, 57% of black women and 42% of Latina women repaying student loans reported they were unable to meet essential expenses, such as rent, in 2016.

Women also carried more debt than men after graduating from college. The report found that in 2016, after receiving their bachelor’s degree, women owed $2,700 more on average in accrued student debt than men.

The wage gap report from Georgetown University indicates how the gender pay gap can affect women’s ability to pay back their student loans. The report found that compared to white men, white women earned 75 cents on the dollar, black women earned 62 cents on the dollar, and Latina women earned 52 cents on the dollar in 2017 — meaning women might have less income than men overall to dedicate to paying down their debt.

Why should you care?

The combination of growing student debt and the gender pay gap may put women — especially black and Latina women — at a disadvantage when it comes to maintaining financial security, which can make financial progress and building savings for the future difficult.

And as the student loan debt continues to worsen and the gender pay gap persists, women may continue to find it tough to pay down their student loan debt.

What can you do?

• Reach out to the women grads in your life. You may be surrounded by women with college degrees. If this is the first time you’re hearing about the extra debt burden they might be shouldering, reach out and let them know you’re there to support them — even if it’s just by picking up the next dinner or drinks tab.
• Consider student loan refinancing. If you’re having trouble paying back your student loans, refinancing at a lower interest rate could reduce your monthly payments and make your loan obligation more manageable.
• Consider federal loans over private loans. If you or someone you know needs a loan to pay for college, look into a federal loan before considering a private loan. Federal loans, which have fixed interest rates, can be a better option for prospective college students.

Even as the economy steadily improves and unemployment rates fall, many Americans still find themselves in fragile financial situations.

A new Federal Reserve survey reveals that 74% of respondents reported living comfortably or at least doing OK — an improvement of more than 10 percentage points from 2013.

Despite the overall positive trend though, the report found that some Americans may not be feeling as financially stable.

For example, of the 12,000 individuals surveyed, 4 out of 10 adults claimed they would have trouble covering an unforeseen expense of $400. For some, economic vulnerability may even be taking a toll on their health, as 27% of those surveyed skipped medical treatment due to cost in 2017.

What’s more, the upward economic shift might be masking some of the financial inequities that persist across racial and ethnic groups in the U.S. and between people who have attained different levels of education.

What does this mean?

Those who reported doing at least doing OK financially were more likely to be white and have a higher level of education.

Only 65% of black adults and 66% of Hispanic adults surveyed said they were doing OK financially, compared to 77% of white adults who felt that way.

People with more education were also more likely to be doing OK financially, according to the survey. Those with at least a bachelor’s degree were less likely to face material financial hardships, such as the inability to buy food. Two-thirds of those with a bachelor’s degree felt that the investment in their education had paid off. But less than one-third of those who started a degree but didn’t complete their studies felt that way.

Race and ethnicity also enter the picture when it comes to education level. According to the study, white adults with a high school degree or less were more likely to report that they were doing OK financially versus blacks or Hispanics who had some college education or an associate degree.

Why should you care?

Since the Great Recession in 2008, debt and financial struggles have affected people across racial, educational and income divides — even affecting groups you might least expect.

Most notably, the Federal Reserve study brought to light that many adults struggle with unforeseen expenses. A recent analysis of Credit Karma data found that even people who earn $100,000 or more a year may need to borrow money due to an unforeseen expense.

Age comes into play, too. There are many young adults who are also financially strapped, according to the Federal Reserve survey.

Among young adults with incomes under $40,000, more than one-third receive some sort of financial support — usually from parents. And a recent Credit Karma/Qualtrics study found nearly 40% of millennials have gone into debt to keep up with their friends.

What can you do?

If you feel that you’re still struggling financially even though the economy seems to be on the rise, you’re not alone. There are steps you can take to help get back on track.

Here are a few things you might try to help get your expenses in order.

• Don’t rely too much on credit cards. If possible, try to avoid using a credit card to pay for an unforeseen expense if you know you’ll end up carrying a balance. Instead, consider other options, such as a personal loan, which could cost you less in interest than carrying a balance on your credit card.
• Build an emergency fund. A great way to deal with an emergency expense is to have the cash you need already saved in an emergency fund. If possible, try and set aside enough savings to cover several months of expenses. (Only half of the people recently surveyed by the Federal Reserve have enough emergency savings to cover three months of expenses if they were to lose their job.)

Remember, if you’re experiencing financial instability, you’re not alone. It’s important to treat your recovery like a long journey and not a short race. Stay patient, develop good habits, ask for help and plan ahead.

Equifax has revealed that its massive data breach impacting 147.9 million people goes beyond the theft of consumers’ names, Social Security numbers and birthdates.

In a filing to the SEC, the credit reporting company provided a table detailing the breach, revealing that approximately 99 million addresses and 17.6 million driver’s license numbers were exposed. The breach also exposed other information on the 147.9 million consumers affected, including …

• Phone numbers of approximately 20.3 million consumers
• Email addresses of approximately 1.8 million consumers
• The gender of approximately 27.3 million consumers

Equifax also disclosed that its online dispute portal, which people can use to challenge items on their credit reports, was compromised in the cyberattack. This resulted in the exposure of approximately 56,200 images of government-issued identification documents, including photos of people’s driver’s licenses, passports, Social Security or taxpayer ID cards, and other identity documents.

The company says it does not expect to identify any additional consumers impacted by the attack.

What does this mean for you?

The Equifax security breach is worse than originally thought, potentially having a deeper impact on those affected.

In September of 2017, the company initially reported that hackers accessed the data of up to 143 million consumers in the U.S., which included Social Security numbers, birthdates, addresses, credit card numbers and driver’s license numbers.

In the following months, Equifax updated its estimated number of affected people twice. In October 2017, it announced an additional 2.5 million consumers were exposed. And in March of this year, the company revealed an increase in the total number by another 2.4 million — bringing the total tally to 147.9 million.

And now, we’re seeing the full extent of the breach — learning that sensitive information from the impacted consumers, like phone numbers, email addresses and even gender, were also exposed.

Why should you care?

Some victims may have had multiple types of information stolen in the Equifax breach. This could mean that hackers have their hands on even more information they can use to open up new credit card accounts or take out loans in another person’s name.

What can you do?

First of all, find out whether the breach impacts you.

Equifax has a website — equifaxsecurity2017.com — that lets you see whether your personal information was stolen in the initial data breach. (The people whose partial driver’s license information was taken will be notified by U.S. mail.)

Whether your data was compromised in the recent Equifax breach or not, you can be proactive in reducing your risk by monitoring your personal information. Here are some tips that can help you reduce your risk of identity theft in the event of a future public data breach.

1. Use free credit monitoring tools, like Credit Monitoring from Credit Karma. It can alert you when there are important changes on your TransUnion® or Equifax® credit reports, which can help you spot errors.
2. Get free copies of your credit reports.You can obtain your full credit reports from each of the three major consumer credit bureaus — TransUnion, Equifax and Experian — once every 12 months.
3. Freeze your credit. A security freeze is a great way to restrict access to your information, as it prevents prospective creditors from pulling your credit reports, which could block someone from using your personal information to take out a loan or new credit card in your name. Just know that you won’t be able to apply for a loan or credit card until you unfreeze your credit.

You may not have heard much about child ID fraud, but it’s becoming a real problem. Parents should be aware of the risk.

According to a new study from Javelin Strategy & Research, more than 1 million kids were victims of ID theft in 2017. The losses due to child identity fraud totaled a whopping $2.6 billion last year, with two-thirds of the victims under the age of 8.

Javelin, a research-based advisory firm, gathered this information from an online survey of 5,000 people who were living with a dependent minor or had lived with a dependent minor within the previous six years.

Perhaps most alarming is that more than half of the minors (60%) knew the perpetrator. In contrast, only 7% of adult victims of identity fraud know the person who is stealing from them.

While the study found that the most-common culprits were “family friends,” parents and stepparents were also found to have committed the fraud. Close relatives, such as siblings, cousins or uncles, were also offenders.

What does this mean for you?

If you have a child whose identity may have been compromised, it could mean a big headache — for you now and potentially for your child later on down the line. Child ID theft can take years to detect, and it can be a nightmare to fix if not caught early.

“Out of sight, out of mind” does not apply here. If you suspect your child is the victim of ID theft, it’s important to act quickly to uncover and resolve the fraud. Not only can it potentially damage their financial future, but it can cost you money now.

Of the $2.6 billion in losses revealed in the Javelin study, families paid $540 million out of their own pockets as a result of child ID theft.

Why should you care?

ID theft is often thought of as an “adult” problem, but kids need protection, too.

This is especially true in today’s hyperconnected world, in which kids have more opportunities to share information they may not know is sensitive. As the Javelin study notes, kids, particularly those vulnerable to bullying, may be especially susceptible to fraud by oversharing personal information online.

Whether it’s a close family friend or an online fraudster who steals the information, the consequences can be devastating.

Even though a child might be a decade or so away from applying for their first credit card or loan, ID fraud could cripple their ability to buy a car or a home once they come of age.

What can you do?

ID theft can be scary when you’re the victim, and maybe even more so when it’s your child who becomes the target.

Fortunately, you can take action to reduce risk for you and your child when it comes to ID theft. Here are some recommendations for getting ahead of potential identity thieves.

• Monitor your child’s bank account and credit reports. Consider freezing their reports until they’re old enough to apply for credit and take some of the other steps recommended when it comes to reducing your own risk of identity theft.
• Report any suspicious activity immediately. It can be tricky emotional terrain if the perpetrator is a close relative or new romantic partner, but it’s generally best to report any inaccuracies in your child’s credit reports right away (and file a police report if necessary).
• Protect your child’s personally identifiable information. This can mean physically locking away sensitive documents like a birth certificate or Social Security card.
• Have a conversation. Teach your child from a very early age about the importance of protecting their identity in the digital world. Establishing these habits early may help them later in life.