Cheap credit and the belief that what you’re buying will increase in value contributed to the housing bubble. This also describes the current (and much worse) higher education bubble.
Higher education has become a sensation in this century. Cheap and readily available credit enables millions of students to finance their education. Unfortunately, six figure debts are now the norm for most college graduates, preventing them from owning homes are even marrying. Total student debt in the U.S. has passed the trillion dollar mark, exceeding credit card and car loan debts. Studies have shown that a college education is not enhancing the skills of many students. One study showed 36% of students did not demonstrate any significant improvement in learning over four years of college. Millions of people with college education can’t find jobs. The Bureau of Labor Statistics predicts that seven of the ten fastest growing jobs in the next decade will be based on on-the-job training rather than higher education.