Student debt reaches about US$1.3 trillion

Student debt may drag on home ownership

US students’ debt burden is soaring, creating a barrier to home ownership and economic mobility as well as a potential drag on consumer spending, a senior Federal Reserve policymaker said on Monday (Apr 3). The phenomenon persists even as the overall picture for US household debt has steadily improved. A decade after the financial crisis, rising incomes and housing prices as well as steady job creation mean more mature borrowers are in better financial shape, said William Dudley, president of the New York Federal Reserve Bank. Dudley is also vice chair of the Federal Reserve committee that sets the central bank’s benchmark interest rates.

http://www.channelnewsasia.com…  Wed.,  05 April 2017