Economists and financial experts often talk about “bubbles”.
Debt bubbles…Economic bubbles…Foreign Currency bubbles. Now comes more evidence that the massive student loan college debt bubble is getting dangerously close to bursting.
Over the past 10 years the amount of student loan debt in the U.S. has grown by 170% percent, to a whopping $1.4 trillion — more than car loans, or credit card debt. In America. 44 million people have student debt and 8 million of those borrowers are in default.
A report by the Consumer Federation of America (an association of non-profit consumer organizations that was established in 1968 to advance the consumer interest through research, advocacy, and education,) found that the number of Americans in default on their student loans jumped by nearly 17% percent last year (2016). Despite all the improvements in the economy, student loan borrowers are still struggling, in what was thought to be an improving labor market. Studies show that there are links between high student debt and health issues like depression, and marital failures. The whole thing is made worse by the fact that a large chunk of those holding massive debt do not end up with degrees, having had to drop out from the stress of trying to study, work, and pay back massive loans at the same time. Meanwhile, the subprime crisis cut the ability of parents to use home equity loans to pay for their children’s education (previously a common practice). This left the bulk of the burden to students, at a time when the unemployment rates for young people are rising.
So the big question is: What is going to happen next and when is the bubble going to burst?
Mark Cuban, is a very successful and well respected businessman. He sold his technology company before the dot-com bubble burst and made billions. He is also the owner of the NBA’s Dallas Mavericks.
Listen to what Mark Cuban recently told Inc. Magazine, re: his feelings about the massive student loan debt bubble. Watch video below.
Defaulting on a federal student loan can be a financial disaster for the borrower. Unlike other types of debts, most federal student loans cannot be discharged in bankruptcy. Those who go into default face serious consequences including: wage garnishment, damaged credit scores and added costs in fees, interest and legal fees.
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See what you’ll learn at a Crash Proof Retirement Educational Event. Watch below.