Considering plopping down $25,000 for one of Sony’s 4K TVs, but afraid there’s nothing to watch? Sony says it will loan you a server loaded with 10 4K movies to help solve that problem. … Read More
Pop Goes the Student Loan Bubble
Zero Hedge has some lovely scary charts showing a remarkably
sharp uptick in student loan delinquencies. The bubble has
officially burst:
As noted over at
Reason 24/7 today, Market Watch has some
additional reporting:
New data released today shows 11% of student loans were 90 days
or more past due in the third quarter, up from 8.9% in the previous
quarter and 8.8% a year prior, according to the Federal Reserve
Bank of New York. It’s also the highest since at least 2003, when
the bank first started tracking student loan delinquencies. “It’s a
red flag and a warning sign that more Americans are struggling to
repay their student loans — things are bad, really bad, and getting
worse,” says Rich Williams, higher-education advocate at the U.S.
Public Interest Research Group, a nonprofit based in
Washington.
The latest data comes at a time when delinquencies on many other
consumer debts, including credit cards and mortgages, are dropping.
Overall, delinquency rates on outstanding consumer debt fell to
8.9% in the third quarter, from 10% a year prior, according to the
FRBNY.
Zero Hedge
warned in September that the student loan bubble had already
burst. Now we’re seeing the fallout.
Stocks Drop On Fiscal Cliff Warning, Retail Worries
— Stocks are closing mostly lower as Washington lawmakers and business groups bicker over the proper rates for taxing and spending.In Europe, leaders tried to cobble together another bailout loan for Greece.Read More…
More on Black Friday 2012
Finding a compromise: Harsh austerity plan or no rescue loan
Tensions are high in Greece with the country’s PM facing a challenging task of satisfying bailout creditors demanding a new set of controversial austerity cuts, and keeping the peace with the Greek people who adamantly…Read Full Article at RT.com … Read More
CFPB Says Students Victimized by ‘Subprime-Style’ Lending
Students grew indebted and went into default at the hands of a “subprime-style” private loan market that contracted amid the … Read More
