Americans owe about $775 billion on their credit cards according to CBS News (Feb 22, 2010). This is a big problem and getting plenty of attention from Obama and congress. “America’s addition to plastic has got to change.”
But no mention of the government-assisted college student loans that are almost as big a liability at $720 billion. And about 40% of the student debt is in the equivalent of “foreclosure” – in other words not being paid back as promised. The evil banks have bamboozled us but the US government has “eased” us into a life of addictive college “financial aid”.
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