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Student loan debt has surpassed credit card debt as the second largest type of debt in American households. From 1999 to 2016, credit card debt grew a meager 23.6 percent compared to student loan debt, which jumped by 828 percent. It's the only category that hasn't seen a decline since 1999, reflecting an increasing amount of borrowing for tuition as well as an increasing amount of overall borrowers. Even after adjusting for inflation, the growth of student loan debt is astronomical.

Expand chart
Data: Federal Reserve Bank of New York's Center for Microeconomic Data; Chart: Lazaro Gamio / Axios

The data: The data used in this chart comes the Federal Reserve Bank of New York's Center for Microeconomic Data. The figures were calculated from a sampling of 5 percent of the population across the United States. The 'other' category includes consumer finance debt, retail card debt and other unclassified debts.

You'll notice a dip in the chart starting after 2008 with all debts, except student loans, seeing a sizable decrease. Mortgage debt fell in 2009 and continued to fall after the housing market crash until the last quarter of 2016, when it increased by 0.82 percent. Credit card debt and auto loans increased faster and earlier. In 2016, credit card debt increased by 4.6 percent from the previous year and auto loans increased by 6.6 percent.

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54 mins ago - Politics & Policy

Stalemate over filibuster freezes Congress

Illustration: Sarah Grillo/Axios

Senate Majority Leader Chuck Schumer and Mitch McConnell's inability to quickly strike a deal on a power-sharing agreement in the new 50-50 Congress is slowing down everything from the confirmation of President Biden's nominees to Donald Trump's impeachment trial.

Why it matters: Whatever final stance Schumer takes on the stalemate, which largely comes down to Democrats wanting to use the legislative filibuster as leverage over Republicans, will be a signal of the level of hardball we should expect Democrats to play with Republicans in the new Senate.

Dave Lawler, author of World
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Biden opts for five-year extension of New START nuclear treaty with Russia

Putin at a military parade. Photo: Valya Egorshin/NurPhoto via Getty

President Biden will seek a five-year extension of the New START nuclear arms control pact with Russia before it expires on Feb. 5, senior officials told the Washington Post.

Why it matters: The 2010 treaty is the last remaining constraint on the arsenals of the world's two nuclear superpowers, limiting the number of deployed nuclear warheads and the bombers, missiles and submarines which can deliver them.

Updated 2 hours ago - Technology

Facebook refers Trump ban to independent Oversight Board for review

Photo: Alex Edelman/AFP via Getty Images

Facebook's independent Oversight Board has accepted a referral from the platform to review its decision to indefinitely suspend former President Trump.

Why it matters: While Trump critics largely praised the company's decision to remove the then-president's account for potential incitement of violence, many world leaders and free speech advocates pushed back on the decision, arguing it sets a dangerous precedent for free speech moving forward.