Having covered the latest news on the U. S. household debt continued explosion (see and the ongoing deepening of the long term insolvency within the U. S. Social Security system (here: let’s take a look at the second largest source of household debt (after mortgages): Student Loans.
According to the data from the New York Federal Reserve, 1Q 2017 total volume of student loans outstanding in the U. S. was USD1.344 trillion, up on USD 1.310 trillion in 4Q 2016, marking the highest level of Student Loans debt in history. However, the Fed methodology does not include some of the more predatory types of loans extended to students. This means that other sources report student debt at the end of 2016 to be between USD 1.44 trillion and USD 1.5 trillion (see for example Setting aside the issues relating to data reporting, even by the official U. S. Fed standards, student loans debt is almost double the U. S. households’ credit cards debt, and is more than 10 percent higher than combined credit cards and HE revolving debt volumes.
This post was published at True Economics on Monday, May 22, 2017.
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