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How the U.S. government can keep household debt in check

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On Aug. 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers making less than $125,000 annually.

But student loans account for less than 10% of household debt in America, which reached $16.15 trillion during the second quarter of 2022.

“We shouldn’t be panicked about the level of household debt right now, but we should be concerned about it,” said Katherine Lucas McKay, associate director at the Aspen Institute Financial Security Program. “I think it’s particularly important for policy leaders and leaders in the financial world to pay attention to who and where we start seeing greater challenges.”

Policy plays a vital role in keeping…



Source cnbc.com

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