Thursday, December 27, 2007

Er, I O U

Here's a good one from the WSJ's 'Best of the Web':
Katie Couric's "CBS Evening News" brings us this hard-hitting sob story:

For accountant Alex Guzzetta, not a day goes by when he doesn't think about these numbers: $90,000 in student loan debt, $20,000 owed to the federal government and $70,000 to a private lender.

"A third of every hour I work is basically just going towards just maintaining the interest on my student loans. I'm not getting anywhere, they're not getting any lower. I'm just buying time," he tells CBS News correspondent Kelly Wallace.

Guzzetta maxed out in borrowing a fixed low interest federal loan and had to take out a private loan. He says he didn't realize he'd wind up paying 10 percent in interest and a minimum of $535 a month for 30 years.

"They said 'In six months, this is what your payment's going to be,' and when I saw that I nearly had a heart attack," he said.

You can see why he went into accounting. He obviously has an aptitude for it.

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