The subprime education crisis
The NY Federal Reserve’s Household Debt & Credit Report shows that student debt is rising fast and is now at an all-time high:
Household Debt and Credit Developments as of Q4 2013:
|Quarterly Change*||Annual Change**||Total as of Q4 2013|
|Mortgage Debt||(+) $152 billion||(+) $16 billion||$8.05 trillion|
|Student Loan Debt||(+) $53 billion||(+) $114 billion||$1.08 trillion|
|Auto Loan Debt||(+) $18 billion||(+) $80 billion||$863 billion|
|Credit Card Debt||(+) $11 billion||(+) $4 billion||$683 billion|
|HELOC||(-) $6 billion||(-) $34 billion||$529 billion|
|Total Debt||(+) $241 billion||(+) $180 billion||$11.52 trillion|
That’s a good thing, isn’t it? It shows that lots of young people are signing up for college instead of sitting around at home doing nothing or doing dead-end jobs.
But all is not well.......
Read on here.