Uh-oh. It’s beginning to feel just a little bit like the 2006 housing bubble that burst. This time it’s not housing that is growing uncontrollably, it’s student loan debt.
Last week I told you about how students have more debt than ever and how they just can’t seem to pay it down.
According to a report by the Federal Reserve Bank of New York, 31% of people paying back student loans were at least 90 days late at the end of the fourth quarter, up from 24% in the fourth quarter of 2008. That’s astonishing and it wouldn’t be possible except for the fact that investors are desperate for higher rates of return in this market and student loans are giving them that.
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