6at4 Business Report: Student loans spike

October 19, 2011 2:57:40 PM PDT
More people are taking out more money in more student loans, and it's setting credit records.

Neiman Marcus fantasy gifts
Looking for the perfect holiday gift? Well if money is no object, then luxury retailer

Neiman Marcus

has some suggestions. On this year's fantasy gift list: A dancing fountain for your estate will cost you only $1 million. Or how about a tent called a yurt built in your backyard, complete with a crystal chandelier. That will only cost about $75000. All of the gifts on the list - range from $5,000 to $1 million dollars.

Federal Reserve report
The Federal Reserve said consumer spending rose slightly last month and the economy did expand, so that may keep the U.S. out of a recession. In the Philadelphia region, manufacturing did decline but retailers remain hopeful for stronger sales. All in all, there seems to be lots uncertainty about the economy.

Holiday travel prices
If you're planning on traveling this holiday season, you had better book now. Airfares for the holidays are going up. All the major airlines, including Southwest, have increased fares by $4 to $10 for roundtrips. That means this price increase may stick. It's the first widespread airfare increase since early August.

Student loans report
If you think you're the only one with student loans listen to this: Americans now owe more on student loans than on credit cards, according to the Federal Reserve Bank of New York. The amount of student loans taken out last year crossed the $100 billion mark for the first time. Total outstanding loans will exceed $1 trillion. The College Board reports that students are borrowing twice the amount of money they did a decade ago.

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