Colorado borrowers among those facing federal collection powers as payments resume

Jack Wallace, Director of Government and Lender Relations at Yrefy, said the financial picture for American consumers is concerning.

“The American consumer is not in good shape today,” Wallace said. “We have over 1.8 trillion in student loans. Auto debt is over 1.5 trillion. Credit card debt is back up. It’s up to 1.3 trillion.”

  • ninja@lemmy.world
    31·
    12 days ago

    The money isn’t owed to universities. They already got theirs. The money is owed to banks. Banks will always get theirs one way or another.