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But what if you can't repay your credit card debt for example? There's also no collateral.
by anovikov 7y ago
But what if you can't repay your credit card debt for example? There's also no collateral.
- Ambele 7y agoCredit card interest rates typically range from 20 to 25%. Students have a thin credit file and wouldn't qualify for lower rates. Student loan interest rates range from 6.6% to 7.6%. If a percentage of student loans were allowed to default, then student loan rates would have to increase much more for the lenders to break even. Hopefully the Fed would consider bailing out the students like they did with the big banks but I wouldn't bet on it.