College student lifestyle = more debt later

Americans raid savings, putting recovery at risk - Business - Stocks & economy - msnbc.com: "At the same time, college students are borrowing twice as much as they did a decade ago when adjusted for inflation, according to the College Board, and Americans now owe more on student loans than on credit cards.
Household borrowing on cards, car loans, student loans and other installment debt jumped almost 10 percent from October to November, according to the Federal Reserve, its biggest jump in a decade.
Welcomed by some as a sign of confidence in the economic recovery, others worried it was really a reflection of desperation.
"Apparent stronger consumption at year-end was associated with falling savings rates, compensating for stagnating income growth," Dennis Lockhart, president of the Federal Reserve Bank of Atlanta said on Jan. 11."

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