Survey: Overload of student-loan debt will be next financial crisis

02/9/2012 | Accounting Today

People with large student-loan debts are increasing their inquiries about bankruptcy, a survey finds, prompting bankruptcy attorneys to predict that the next financial crisis will be triggered by defaults on student loans. The National Association of Consumer Bankruptcy Attorneys survey found that 81% of the bankruptcy attorneys polled said such clients have increased "significantly" or "somewhat" in the past three to four years. Ninety-five percent said few of the debtors have any chance of obtaining a discharge.

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