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Old February 18th, 2014, 09:22 AM   #1
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Student Loans Hit Record $1.08 Trillion; Delinquent Student Debt Rises To All Time Hi

While the bulk of the quantity data contained in the Fed's quarterly Household Debt and Credit Report is known in advance courtesy of the Fed's monthly tracking of household revolving and non-revolving debt, the quality components always provide a welcome insight into the state of the US household. It is there that we find that the most disturbing trend in recent years: the encumbering of students with record amounts of loans continues. In fact, as of December 31, the total amount of non-dischargeable (for now) student loans hit a new all time high of $1.08 trillion an increase of $53 billion in the quarter. By comparison, total credit card debt as of the same period was "only" $683 billion. At this rate, total student loans will be double the size of all credit card debt within 2-3 years.

What's worse, while the 90+ day student debt delinquency rate did post a tiny decline from 11.8% to 11.5% in Q4, on a total notional basis due to the increase in outstanding balances, as of this moment the amount of heavily delinquent student loans has just hit a fresh record high of $124.3 billion, up from $121.5 billion in the prior quarter.
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Old February 18th, 2014, 09:27 AM   #2
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Here's the source of that info since it was not provided or the info credited to the author of it:

Student Loans Hit Record $1.08 Trillion; Delinquent Student Debt Rises To All Time High | Zero Hedge
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Old February 18th, 2014, 09:31 AM   #3
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Good to see my training is paying off. I need to teach you the difference between "submitted by" and "written by" next.

Last edited by pana8; February 18th, 2014 at 09:34 AM.
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Old February 18th, 2014, 09:37 AM   #4
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Doesn't really surprise me.

Keeping young people in debt is a good way to minimize the possibility of revolution of any kind.
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Old February 18th, 2014, 09:58 AM   #5
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Originally Posted by KnightOfSappho View Post
Doesn't really surprise me.

Keeping young people in debt is a good way to minimize the possibility of revolution of any kind.
I would have thought being in perpetual debt would promote revolution.
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Old February 18th, 2014, 10:01 AM   #6
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I would have thought being in perpetual debt would promote revolution.
People with nothing to lose are seldom more controllable than those who have the resources to work down a debt.
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Old February 18th, 2014, 10:05 AM   #7
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Originally Posted by caconservative View Post
I would have thought being in perpetual debt would promote revolution.
If kept in debt uncomfortably, then yes. (hungry)

This is a debt level where people can generally feed themselves but not afford to have the standard that most people have come to expect.
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Old February 18th, 2014, 10:07 AM   #8
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More bad news for life for college grads here in the Obamaconomy.


Half of new graduates are jobless or underemployed ? USATODAY.com

Half of new graduates are jobless or underemployed
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Old February 18th, 2014, 10:16 AM   #9
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Originally Posted by pana8 View Post
People with nothing to lose are seldom more controllable than those who have the resources to work down a debt.
I don't think that most people who are in deep debt feel that they have nothing to lose. It may seem like a paradox, but most people that are in debt are focused on the way out; giving up and going into the 'nothing to lose' mindset is actually pretty rare.

Now, that said, I have to clarify my thought process for my first statement.
I was thinking about the 60's and all of the high-minded idealism that altered the culture. I don't think that anyone would deny that the thinking was na´ve, but it was- from their perspective- full of possibility.

We do not have a college generation that is hopeful and full of possibility. These kids are bent on survival and not on changing the world as young people should be,

It's sad.
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Old February 18th, 2014, 11:53 AM   #10
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We should have a debt jubilee for us. That's wipping out all the debt completly. You can thank Reagan for the war on students.
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