In its latest Quarterly Report on Household Debt and Credit, the Federal Reserve Bank of New York today announced that student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances. And, what is very alarming from the report is that delinquency rates for student loans steadily increased from 6.13% in the first quarter of 2003 to its current level of 8.69%. The student loan delinquency rate is higher than that of mortgages, auto loans, and home equity lines of credit, which is indeed very alarming!
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