Student debt is a bomb waiting to detonate-here's how to avoid the blast

Student debt is a bomb waiting to detonate-here's how to avoid the blast - Watchdog.org

The time bomb of college debt is ticking for over 10 percent of our population:

40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.

And this debt, which amounts to $1.2 trillion collectively and which cannot be retired in bankruptcy, is not just hitting the young:

“We’re seeing a rise in the number of people with two generations of debt: People who are paying for their children’s education, but also paying off their old student loans,” said Richard Vedder, director of the Center for College Affordability and Productivity, which researches the rising costs of higher education.

Older workers, who have lost jobs, have found it difficult to get re-hired, leading them to fall behind on repaying their loans. And their kids, who may have shouldered the burden of repaying their loans, also haven’t been able to find well-paying jobs..."