Student Loan Debt Exceeds Credit Card Debt

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Creative Commons License photo credit: Manuel FERRANTE

In a previous blog, I wondered whether or not college was worth cost?  Now we are getting a better picture of the cost and it isn’t pretty.  According to a story in the New York Times about student loan debt:

Student loan debt outpaced credit card debt for the first time last year and is likely to top a trillion dollars this year as more students go to college and a growing share borrow money to do so.

Yet, I found this passage even more disturbing:

In some circles, student debt is known as the anti-dowry. As the transition from adolescence to adulthood is being delayed, with young people taking longer to marry, buy a home and have children, large student loans can slow the process further.

What this means is that America’s youngest generations will not only have to bear unprecedentedly large debt burdens to take care of themselves, but will also be shouldering unprecedented tax levels to take care of the generations before them.  This sounds to me more like a recipe for indentured servitude . . .