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Student-Loan Debt Surpasses Credit Cards

Wall Street Journal - Real Time Economics Blog

August 9, 2010

Americans owe some $826.5 billion in revolving credit (mostly credit-card debt), according to June 2010 figures from the Federal Reserve. Student loans outstanding today - both federal and private - total some $829.785 billion, according to Mark Kantrowitz, publisher of FinAid.org and FastWeb.com. "The growth in education debt outstanding is like cooking a lobster," Mr. Kantrowitz says. "The increase in total student debt occurs slowly but steadily, so by the time you notice that the water is boiling, you're already cooked."

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