Elliott Wave International believes that an epic credit crisis has only started, and part of it is the nearly $1 trillion in outstanding U.S. student loans.
We are all used to seeing college graduation photos that show at least one student with the words HIRE ME taped on the top of his or her cap. College grads do need jobs -- not just to buy food and pay the rent but also to pay back their loans.
But what if I told you that some of those grads’ parents were also still paying off their own loans. You might be surprised to learn how much fifty-somethings owe.
Americans 50 to 59 years old owed $112 billion in student loan debt at the end of 2012, according to the New York Fed -- up from just $34 billion in 2005. ...
'Thirty percent of my clients are in that bracket of 50 and older, either worrying about paying back their children's loans or paying back their loans,' [a credit counselor] said. "A lot of them just say, 'I'm going to die before I pay this off.'
The article also mentions that student debt has grown among Americans 60 and older as well. Some people are paying off debts they took out in the 1970s.
Americans now owe more in student loans than both credit card and automobile loans combined. The amount of student loan debt has nearly quintupled in the last 10 years alone.