Is the Credit Junkie Pipeline Fully Primed?
More scary news for our country. It seems that total student load debt in the U.S. now exceeds credit card debt. This is a first ever event. To me, it signifies that whatever credit abuse lessons the parents have learned, their kids are prepared to learn again for themselves.
Right about now some readers are getting all agitated and indignant based on the notion that student loan debt is “good debt.” Really? Ask the law professor who embarrassed himself by complaining that he was just scraping by on what is estimated to be a $400k family income. One of his problems? $500k in student loans. If student loan debt is “good”, this guy must be “great.”
On a positive note, you are smiling if you work for a higher education institution. Without so much in student loan borrowings to prop up uncontrolled tuition and fees, competitive pressures would put a lot of colleges out of business.
Here is a link to the article: Total College Debt Now Exceeds Total Credit Card Debt
What is your reaction to this consumer credit trend?