Debt

college students’ worst nightmare in today’s society. Most people do not understand what debt really is. “Debt is not just a check every month but colors the day-to-day experience of my life, whether I live in a smaller or larger apartment, whether I can buy a house, whether I can travel to Europe, whether I can eat out” (Williams; 156). The loans build up over time; slowly but surely they all turn into student loan debt. What are some perspectives on taking out student loans for college? There…

financial debt collides, everyone knows it, and everyone can see how much of a disaster it has become economically. In society, tragedy strikes someone financially daily. According to Merriam Webster’s online dictionary, the word debt is defined “as a duty or obligation to pay money under an express or implied agreement”. Even though some people think building a great credit score is rewarding, it has only caused significant amount of grief, because of various types of consumer debt. Debt…

Millennials Hate Debt And Are Avoiding Credit Cards Millennials don't like debt and are lukewarm about credit cards. Sometimes you will see them post pictures on social media of a house or car they recently purchased. Facebook IQ - a division of the social media giant the scans user info specifically for marketing purposes - revealed this info recently about how American Facebook users manage their finances especially Millennials between 21 and 34 years old. They researchers found that…

students pay now. The current student debt totals $1.4 trillion, with an average debt of $37,000 per student. That’s insane. What about the smart students who can’t afford college? The ones who could turn their life around by getting their degrees? According to an article from The Christian Science Monitor, "This average is higher than ever before, and it represents a huge range of average debt loads at different schools, from $3,000 to more than $50,000.” Debt is forcing many students not to…

During the month of September of 2016, Canada accomplished a dubious economic achievement. For the first time in its history, the amount of debt held by Canadians surpassed the amount of output, or Gross Domestic Product, the country produced (Isfeld 1). This increase of personal debt, leading to Canada surpassing 100 per cent of debt relative to GDP, corresponds with the low interest rates that have been offered to consumers since the ‘Great Recession’ to stimulate growth (1). Underpinned by…

Student debt in the United States is on a steady rise and has been for a considerable amount of time. Political newspaper The Economist has reported that the country’s student loan debt is exceeding $1.2 trillion as of June 2014. This alarming amount is in default due to over seven million debtors. Whether this is due to aimlessness or irresponsibility, many seem unable to find a way to pay back their student loans. The start of this problem originally occurs from the moment an aspiring student…

Student loan debt has increasingly become an issue, not only for those who have acquired it and must deal with it, but also for the economy. To function normally in today’s society, pursuing a college education is a requirement for those who want a high paying job. With this decision, students also decide to take on large amounts of student loan debt and the long-term turmoil that it inevitably leads to. Student loan debt impacts students purchasing power which negatively impacts the economy.…

However, with the extremely high prices of tuition the only way they could pay for university was by getting into lots of debt. They graduate, only to realize they do not have the money or the job to repay the student loan that they got when entering university. Since the year 2003, student debt has increased by an astonishing 300% (“Sad for Grads”). The total amount owed in student debts in 2013 was $1.08 trillion. Both undergraduate…

What is credit card debt? It is an unsecured financial obligation to one or more banks or companies that issue consumer credit cards, resulting from purchases or advances using the card that have not yet been paid back. No collateral is required for credit card borrowing, but interest rates tend to be higher than for other types of loan, and severe late payment penalties may apply. While, technically, all purchases made by credit card create a debt to the user, these debts typically do not incur…

educations. These can be very helpful when it comes to paying for an education. However, many students are getting trapped by student debt. In light of this, young people who are heading off to college should consider all their options before borrowing money. Here are five facts that incoming college students need to know about student loans. 1. The Debt Bubble Student loan debt is in the trillions now. Although there has been some talk about finding ways to reduce the costs of college - New…