Student debt newest bubble

Like we need something else to worry about that could derail the economy …

Three out of every 10 student loans are 30 days past due, and 80 percent of those loans are backed by the taxpayers. U.S. student loan debt, now more than $1 trillion collectively, is higher than the debts Americans have on autos or credit cards, with the average student owing $25,000.

The scary part of this was a quote in an Associated Press report on Tuesday. In that report, William Brewer, president of the National Association of Consumer Bankruptcy Attorneys, says lawyers in his association have seen a similar situation six years ago.