Americans now owe more on student loans than on credit cards, The Wall Street Journal reported, citing figures from the Federal Reserve and Mark Kantrowitz, publisher of FinAid.org. The total owed in revolving credit, most of which is credit-card debt, is now $826.5-billion, according to June 2010 figures from the Fed, while Mr. Kantrowitz calculates the total owed in federal and private student loans as $3.2-billion higher—some $829.785 billion. The Journal notes, however, that the figures reflect a sharp drop over the past two years in revolving-credit debt, which reached a high of $975.7-billion in September 2008.
The SOUTH ORANGE COUNTY COMMUNITY COLLEGE DISTRICT — "[The] blog he developed was something that made the district better." - Tim Jemal, SOCCCD BoT President, 7/24/23
Monday, August 9, 2010
The bubble grows
Student-Loan Debt Surpasses Credit-Card Debt, Figures Show (The Chronicle of Higher Education)
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This is a huge f'ing bubble, like the hedge manager warned Congress earlier this year.
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