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Millions in default on student loans as debt crisis grows (www.kjct8.com)

submitted 22 hours ago by return2ozma@lemmy.world to c/usa@lemmy.ml

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Jack Wallace, Director of Government and Lender Relations at Yrefy, said the financial picture for American consumers is concerning.

“The American consumer is not in good shape today,” Wallace said. “We have over 1.8 trillion in student loans. Auto debt is over 1.5 trillion. Credit card debt is back up. It’s up to 1.3 trillion.”

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[–] ninja@lemmy.world 0 points 15 hours ago

The money isn't owed to universities. They already got theirs. The money is owed to banks. Banks will always get theirs one way or another.

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