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What if everyone simply stopped paying their student debt?

9 Mar 2020

People owe so much money in student debt, they actually have an incredible amount of power over the banks that own the debt. The Debt Collective wants to help them use that power.

If you went to college in the United States, you probably have student debt; in the class of 2018, 65% of graduates did, with an average debt of $29,200. And it probably feels like a very personal burden. But a growing movement of debtors looks at it differently: Collectively, graduates owe $1.6 trillion. If you look at debt more broadly, U.S. households owe $14.15 trillion, including medical debt, credit card debt, and housing debt. But for debtors that work together, the sheer scale of their debt isn’t a liability, it actually gives them power. What if everyone just decided to stop paying their loans?


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This content was originally published by Fast Company. Original publishers retain all rights. It appears here for a limited time before automated archiving. By Fast Company

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