1:09 pm October 19, 2011, by Christopher Seward
Americans are increasingly going into deep debt to retrain themselves in hopes of landing a job in this tough economy.
USA Today cites a Federal Reserve report that shows student loan debt has now exceeds credit card debt, mainly because students and workers are taking advantage of federal loan programs to build new careers.
Outstanding student loans will exceed $1 trillion this year, while more than $100 billion was taken out in loans last year. The average loan was $4,963 last year, up 63 percent, adjusting for inflation, from a decade ago.
Defaults on loans also are on the rise. With big “payment due” notices on the horizon, one student told USA Today that all the borrowing is “going to create a generation of wage slavery.”
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