Williams: Well, I think really COVID exposed the credit crisis that we have within debt

Williams: Well, I think really COVID exposed the credit crisis that we have within debt

When we think about student debt, it's now the largest category, with the exception of mortgages. It's surpassed credit debt, that is, credit card debt. So I think the thought is, look, the average debtor, with student debt, they're paying roughly $400 a month, so roughly $4,800 a year. That money itself could go towards other things.

For example, maybe towards rent, maybe towards starting a new business, maybe towards a mortgage. Leading into COVID, we saw roughly 25 percent of borrowers were either late in payment or actually were delinquent in payment. Continue reading "Williams: Well, I think really COVID exposed the credit crisis that we have within debt"