The global debt crisis has been front and center lately, with many economists sounding alarms about how dire that situation is. In fact, debt is so out of control across the globe that most of it will actually never be paid back. And the United States is committing suicide with their runaway debt problem. It's gotten so out of control, that the student loan debt problem is about to get a lot worse too.
According to a report by Bloomberg, the next generation of college students will usher in more borrowers who will take out more money in the form of student loans that they will never be able to repay. As the cost of tuition and borrowing (thanks to rising interest rates) continue to rise, the result is a widening default crisis that even Fed Chairman Jerome Powell labeled as a cause for concern.