Bailout Plan_ Credit Cards and Student Loans Getting in on The Action

The Washington Times has a story about the bailout expanding to credit cards and student loans. From the Washington Times: Student, card debt quietly added to bailout planTreasury Secretary Henry M. Paulson Jr. stressed that the additions were needed to ensure that student loans and credit cards – which have become indispensable to the spending habits and career plans of many Americans – do not become victims of the widening credit crunch. Student loans, which Wall Street firms packaged and sold to investors just like mortgages, already were hit hard in the widening credit crisis earlier this year, with much of the private loan market disappearing. That forced the government to step in and beef up its direct loan programs for college students. Hey, may as well do it now. It was only a matter of time before others would be saying “me too.”