Due to severe budget restrictions still in effect, and the uncertain outcome of the Presidential election, governments are not spending enough on public works projects long overdue to take up the hiring slack.
The drag created by such big amounts of student debt is likely to reverberate throughout the economy for many years to come. This is just another reason we expect to remain stuck in a long period of sub-par economic growth.
While it is doubtful that in the next decade or so we will see debt relief service demand at the levels experienced in 2009-2010, we should see a greater demand in the next three to five years. It will just take time to reload the consumer debt pipeline.
A number can't tell you much of anything, except that creditors consider you a good or bad credit risk. But the factors that make up your credit score -- like your percentage of on-time payments -- do tell you how where you need to change your financial behavior.
When banks and other financial institutions can borrow unlimited amounts from Ben Bernake and the Federal Reserve, while paying almost zero interest, they have no business charging consumers over 15% on the money we borrow.