"Our collective exercise in austerity appears to be over. Americans are adding to their credit-card balances again, and experts warn more of us are likely to get in over our heads this year."
It'd be interesting to knowhow much of this is due to people feeling more confident in their ability to pay (i.e. improving economy) vs having to rely due to job loss/other factors (i.e. slowing economy). I think it's overconfidence, personally. I paid off all my CC debt in 2012 and will pay off ealry the remainder of my student loan debt in 2013 as a hedge. My bigger concern is the staggering $23B in new student loan debt. Mine was for new training, not a full-on degree. I can't fathom how the current crop of college grads are going to gain their financial footing.
So what are you saying? They take out a 30 year term for their loans and pay for 15 and the rest is forgiven? That's such a great way to teach fiscal responsibility. Not!
Wow. So someone goes and gets a $100K harvard liberal arts degree and goes to work at the local Starbucks and only has to pay what they can afford. Sounds like a perfect way to further backrupt the country.
My bigger concern is the staggering $23B in new student loan debt. Mine was for new training, not a full-on degree. I can't fathom how the current crop of college grads are going to gain their financial footing.
Remember the golden past of tuition-free public education? A lot has changed over the last forty years. Or fifty years ago when people spent 15% on food and half of that on health, now it's the opposite. Back then many had solid retirement pensions, and the income equality was nothing to speak of unlike today. Popcorn tubs, soda drinks, pizza slices and bagels twenty years ago were half the size. How un–American!