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News Link • Economy - Economics USA

Consumer Credit - Will You Please Stop Raping Young Adults?

• Market-ticker.org
 
I continue to be left speechless at the fact that nobody - and I do mean nobody - in the mainstream media and political establishment is willing to raise hell over this outrage. Consumer credit increased at an annual rate of 2-1/2 percent in May 2011. Revolving credit increased at an annual rate of 5 percent, and nonrevoling credit increased at an annual rate of 1-1/4 percent. Without federal debt - that is, student loans, the annualized change is still negative. It is improving, but it's negative on an annualized basis. When looked at in terms of levels - that is, dollars outstanding - it becomes even more stark what's going on and how badly we're screwing our young adults who simply do not know better and are taking horrifically-bad "advice" doled out by people with conflicts of interest - people that are in fact paid with the very money they're borrowing: Again: Will you please stop financially raping our young adults with non-dischargable student loans?

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