Wednesday, October 21, 2015

Debt counseling expert says student loan crisis is a “ticking time bomb”

WEST SENECA, N.Y. (WIVB) – The CEO of the nation’s largest nonprofit credit counseling agency is sounding the alarm about the student loan crisis. Susan Keating is President of the National Foundation for Credit Counseling (NFCC), and pointed to figures that show college loan debt has now reached $1.3 trillion.
As CEO of the NFCC, Keating is considered a foremost authority on the effects of consumer debt on Americans and the U.S. economy.
The financial services executive was in town, Friday, to talk about the state of the financial services industry with local banking officials, and the staff of the Consumer Credit Counseling Service of Buffalo, the local affiliate of the NFCC, at their offices in West Seneca.
Keating said young people saddled with college debt, which is second only to home mortgage debt–and more than what Americans owe on their credit cards–has become a drag on the U.S. Economy, standing in the way of buying homes, new cars, and other consumer goods.
The answer to the crushing college debt load is complex, said Keating, but one part of the solution could be making sure students and their families understand exactly what they are signing up for when they take out student loans.
Among the things she said they should know, “how long it is going to take them to get out of that debt, what kind of income levels they will need to support eventually paying that student debt off.”
Keating put it bluntly, when speaking about the college loan crisis, “$1.3 trillion, it is larger than credit card outstandings. In debt today, second only to mortgage loans, and it is a ticking time bomb.”
If you or a family member need help managing student loans, the Consumer Credit Counseling Service of Buffalo (CCCS) has a program that can help, and the agency offers a wide of array counseling programs to fit your needs.
CCCS President Paul Atkinson is the chairman of the NFCC’s Operating Committee.

For the full story, click here


  1. We stumbled over here from a different web address and thought I might check things out.I like what I see, so I am just following you. I am write something about this post on my secondary tuition blog. Look forward to looking at your web page repeatedly.

  2. This comment has been removed by a blog administrator.

  3. This comment has been removed by a blog administrator.

  4. You guys present there are performing an excellent job.Yola

  5. You can get most of these loans in a matter of minutes to a few hours. It's quick and easy and really does serve you in a matter of emergency

  6. I think this is one of the most significant information for me. And i’m glad reading your article. But should remark on some general things, The web site style is perfect, the articles is really great : D. Good job, cheers

  7. I certainly appreciate your stuff provided in the blogs. Progressive Finance Cash

  8. for buying a car but unfortunately every month something new comes up to eat up all your savings detroit personal loan

  9. You've completed in excellent work. t suggest to my frtends ind personilly wtll certitnly dtgtt. t'm conftdent they'll be gitned from thts webstte. read

  10. You must be doing something right. Thanks by the way, this really answered some questions I was throwing around in the back of my loans bad credit

  11. Fearless and shocking in comparable measures, an undeniable necessity read.

  12. Thanks you for sharing this unique useful information content with us. Really awesome work. keep on blogging. auto insurance - Car loan