We're in the same boat already with the Spaniards and the Italians and, to a much lesser degree, the Greeks -- and not because of the way the U.S. government taxes and spends, but because of the way world financial institutions borrow and lend.

CNN: How the euro crisis will affect you

Although I live independently I was surprised to find many students in the same boat as me, most of whom have chosen to stay at home with parents to avoid running up massive debts.

BBC: NEWS | UK | Education | Students 'stay home to cut costs'