Posted on 11/16/2018 9:47:48 AM PST by Oldeconomybuyer
The total debt shouldered by Americans has hit another record high, rising to $13.5 trillion in the last quarter, while an unusual jump in student-loan delinquencies could provide another signal that the U.S. economic expansion is growing old.
Flows of student debt into serious delinquency - of 90 or more days - rose to 9.1 percent in the third quarter from 8.6 percent in the previous quarter, the Federal Reserve Bank of New York reported on Friday. That propelled the biggest jump in the overall U.S. delinquency rate in seven years.
Total household debt, driven by a $9.1 trillion in mortgages, is now $837 billion higher than its previous peak in 2008, just as the last recession took hold and brought on massive deleveraging across the United States. Indebtedness has risen steadily for more than four years and sits more than 21 percent above a trough in 2013.
The $219 billion rise in total debt in the quarter ended September 30 was the biggest jump since 2016.
(Excerpt) Read more at reuters.com ...
I guess I’m going against the flow. Whittling down all my debts little by little. Feels good.
The leftist monoculture and bureaucratic monster that is the educational-industrial complex at all levels is eating America alive, feeding on massive spending and debt.
I can’t believe no Conservative politician has grabbed on to this issue. All the pieces are there to pop this bubble.
This is the sort of thing that happened in the Soviet Union and East Bloc and you can similarities with what is taking place in the big daddy blue states like CA, NY, IL, and elsewhere like that. As conservatives, we get to see ugly things like this take place, but that’s likely preferable to being dependent upon the leftist monoculture and bureaucratic monster that you mention, particularly when it collapses under it’s own weight and contradictions.
Millinials have no clue what a budget is or how to make wise choices toward their future. Those who take 9 hrs/semester are wasting their time and their parents’ money and our tax dollars.
I didn’t take out a loan to attend college or have a Pell Grant and never heard of FAFSA or all those other freebies. I did get a little $100/sem scholarship which went toward very used textbooks. That was the days before AP classes so we started college with zero credit hours. I took the max number of hours, went year round, lived in the dorm (cheap), was on the meal plan and had a part time job. I graduated in 3 years with zero debt.
I paid for my college education and my kids’. We were responsible enough to set up a college fund for the kids even though it hurt the budget. There is no reason why I should also have to foot everyone else’s.
Student Loan Forgiveness is inevitable. Take it to the bank.
Soon we’ll have so many people willing to crawl over broken glass to vote for that it really will create a Blue Tsunami.
I think that was the plan all along.
Increases in debt may simply mean that people are more confident in being able to make larger payments on debt.
As long as accounts are being serviced... it’s okay.
When I say that, it’s related to default.
Credit should be low, especially credit card debt.
Those were the days my friend. I got 250 for books.
Only way my kids can repay their loans is if I pay them. Avr student loan is 38k. We didn’t let them go over that.
Student delinquencies? Are they anything like juvenile delinquents?
Student delinquencies up as today’s students buy $1K dumpphones and guzzle lattes daily.
We couldn’t afford to set up a college fund but ended up with a modest inheritance.
three of my four kids have some college. Two with Associate Degrees which they paid for themselves.
We helped one kid with his Bachelors Degree. Since it is in a highly compensated engineering field, it was a loan. He’s also got some modest student loan debt.
He has a very well paid job, shares a house with four buddies, drives a junk car and is paying off the debt fast. I think he’ll be debt free in a year or so.
I listen to Dave Ramsey frequently and can’t believe how much student loan debt so many people are saddled with.
“We make $78,000 a year and have $180,000 in student loan debt, $43,000 on cars and $19,000 in credit card debt.”
Heard a guy yesterday who has a 1900 square foot home with two kids. He wanted to add 4000 sf to the house to make it large enough to live in.
He was in a position to afford it pretty easily but the home size that he “needed” was staggering.
They keep hearing they are going to get a government bailout. That is what they are waiting for. The thing is a sham now anyways. Universities charging a Zillion bucks for degrees that go nowhere.
“I guess I’m going against the flow. Whittling down all my debts little by little. Feels good.”
Likewise...
Everything paid off but the mortgage, including some huge medical bills, and cash in the bank.
Took a while, but we did it. Now we can start looking to an early retirement. Planned to be out at 52, but Obamunism wrecked that, so 56 will have to do.
Back then dorms were bare bones. Now college compete for kids the dorms are like resorts. It’s actually cheaper to live off campus in many cases.
Hard as I try mine can not live on a budget. They spend whatever they get immediately like same day. Very frustrating
Even cheaper to pick a local school and live at home for 4 years.
Part of the college experience should be living away from home and the prying parental eyes
you should aim your ire at the liberal college establishment. republicans have a chance to grab the youth vote here, and undermine the higher education indoctrination mills
There are situations where 9 credits might make sense. Mine were in private colleges close in age. Discovered after couple of years if you took 11 credits rather than 12 considered part time. Based on pro rata cost saved 25k a year on tuition for one kid and they made up the 3 credits in summer.
conservatives should be attacking the bloated leftist universities, not the young people they’ve ripped off
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.