Monday, March 12, 2012

Bankruptcy Lawyers Warn of Looming Student Loan ‘Debt Bomb’

via ABA Journal:

Student loan debt could turn into another crisis for the economy, according to the president of the National Association of Consumer Bankruptcy Attorneys. William Brewer is putting a pessimistic spin on his group’s survey of 860 bankruptcy lawyers. “This could very well be the next debt bomb for the U.S. economy,” Brewer said in a press release (PDF). The Washington Post has the story. Eighty-one percent of the responding lawyers reported an increase in the number of potential clients they are seeing with student loan debt, according to the press release. Forty-eight percent said the increase was “significant.”

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