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

submitted 20 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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[–] melsaskca@lemmy.ca 5 points 17 hours ago (2 children)

Kids, don't pay back those loans. The government will bail out the universities just like they did with the banks and car companies. They will have no choice.

[–] dangling_cat@piefed.blahaj.zone 2 points 14 hours ago

It’s not like they can take your degree back

[–] ninja@lemmy.world 0 points 12 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.

[–] HulkSmashBurgers@reddthat.com 5 points 17 hours ago

Remember when Biden tried to forgive student loan debt entirely which was then overturned by the courts, tried to make adjustments and was again overturned by the courts, wash rinse repeat.

Pepperidge farm remembers.