Student Debt is Crippling our Economy
Recent figures show that one out of five (19%) american households owed student debt in 2010. Average debt was $45,000 and a total student debt over $1 trillion dollars – more than what Americans owe on either credit cards or auto loans.
This student debt keeps people in bondage for years and keeps many from owning a home, buying a vehicle, getting married, having children, starting a business, and other activities vital to the economy and the future.
As I have stated many times before, it is nearly impossible to get out of this. If things go really bad even bankruptcy (the tool made available to Americans since the founding of the nation) is unavailable to relieve student debt. Credit rating companies like Standard and Poor and Mood feel that student debt will be the next economic bubble to burst bringing economic and political unstability.
Along with this the value of a college degree is greatly devaluated as many graduates are unable to find work in their degree fields and end up taking lower paying jobs. Currently one in three college graduates are working at jobs that don’t require a degree.