Debt Crisis: ‘Alarm Bells Are Going Off’ As Americans Default On Student Loans At Record Levels | WHAT REALLY HAPPENED


Debt Crisis: ‘Alarm Bells Are Going Off’ As Americans Default On Student Loans At Record Levels

Americans who took out loans to pay for a college education are defaulting on those debts at record levels. The country has never been as indebted with student loans as it is now, and the problem continues to spiral out of control.

In just the third and fourth quarters of last year, there were around $166.4 billion in student loan delinquencies that have been in default for 90 days or more, according to the Federal Reserve, the United States’ central bank. Steve Beaman, a financial analyst for the Florida Radio Network, the chairman of the McGraw Council, and the author of The Path to Prosperity said this is horrible news for the economy. “The alarms bells are going off,” Beaman said. “If we don’t do something about it quickly, it could possibly have a negative effect on the U.S. economy, hurt people’s economic life and have an adverse reaction to their credit score,” Beaman said.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA