Highly educated people have debt problems too - AmericaNowNews.com

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Highly educated people have debt problems too

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Consumers who say they were tricked into mortgages they could not afford are now fighting back in court. Our Money Expert Nathan Bachrach says what may surprise you is who those folks are.

Ohio State professor Sherman Hanna looked into the backgrounds of folks who signed on for loans they couldn't afford. Specifically, people whose monthly payment on household debt exceeded 40% of their monthly income.

He found that college graduates are more likely to be in this group than those without a degree. And those who described themselves as optimists outnumber those who worried more.

It wasn't just mortgage debt that sunk these families. One in three renters reported having unmanageable debt, too.

Now, that doesn't necessarily excuse predatory practices on the part of banks. But at some point, Bachrach says people need to understand that it's their responsibility to read and understand every piece of paperwork before they sign it.

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