Stuart Johnson, Deseret News
The rate of student loan debt delinquency has leaped above the delinquency rate for all other consumer debt including those of cars and credit cards, according to a study done by the Federal Reserve Bank of New York.
Student debt in the U.S. is now at $956 billion, which is an increase of $42 billion since last quarter. That means 11 percent of student loans are 90 days delinquent.
It is the only consumer debt that is still rising in post-recession America, according to Face the Facts USA, a George Washington University research group. In the past 10 years, student debt has grown 275 percent.
For the first time since the survey began in 2003, student loan debts are higher than credit card loan debt. This comes at a time when unemployment for recent graduated students is about half of young graduates, as reported in this Deseret News article.
- Better than a raise: The smallest thing you...
- WestJet airline video goes viral as Santa...
- The Grand America and the Flower Patch: Once...
- University of Utah Health Care's AirMed puts...
- Companies make CEO changes in U.S. and Canada
- Utah website designed to make sending...
- The American Dream is still alive for 20...
- 2 financial goals you should revisit every year
- The American Dream is still alive for... 11
- Better than a raise: The smallest thing... 11
- System failure to blame for delayed... 9
- Leavitt stresses importance of allies,... 8
- Cedar Hills to require business... 5
- WestJet airline video goes viral as... 3
- Companies make CEO changes in U.S. and... 3
- Healthy jobs report a good sign for... 2