The recent news that student loan debt has finally exceeded credit card debt in America has, apparently, caught the eye of more and more people who should have been paying attention to this all along. Nonetheless, any increased visibility this looming crisis is now enjoying is a good thing for those of us in the trenches of this fight. This particular article is significant in light of the following quote:
And while there is no easy fix for the student loan crisis in this current structure, a combination of across the board caps in college costs plus an expansive student loan forgiveness program for those of us, whom are already out in the workforce, could go along way from keeping this from happening. (emphasis added).
Since January of 2009, a select few of us have been sounding the alarm of this looming crisis, warning in very stark terms that the student loan debt bubble could burst, causing an even greater crisis than that which followed the burst of the housing market. While a great deal more attention has been paid to the student lending crisis in the last 18 months than in the previous decade, very little has been done to actually stave off the effects of such a bubble bursting. We can either sit by and wait for it to happen - and make no mistake, it will happen - or we can choose to be proactive and address this issue now, before it's too late. Nobody can claim they haven't been warned.