The New York Fed just released new Household Debt figures and they are a disaster. Households are facing historic levels of debt across every sector from mortgages and HELOCs to credit cards and auto loans. But student debt has gone past the tipping point with delinquencies and defaults steadily increasing to unsustainable levels. The crisis is boiling over into the real economy as the Trump administration rips away social safety nets and destroys the labor market. In this video, Max from @UNFTR breaks it all down, the impact of the student debt crisis, what future administrations must do to restore balance.
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