Friday, February 24, 2012

Student Loans: what to do?

For the first time in history, consumers owe more in student loan debt than they owe in credit card debt. Here's an interesting report from the National Association of Consumer Bankruptcy Attorneys:  The Student Loan "Debt Bomb": America's Next Mortgage-Style Economic Crisis?

Because there are few escapes for consumers who are unable to pay their student loans, the NACBA calls for Congress to restore the bankruptcy discharge of student loans and reimpose a reasonable statute of limitations on student loan collections.  This will be an interesting debate to watch.

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