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https://www.rt.com/usa/448428-millennials-never-pay-debts/
1 in 5 US millennials expects to die without paying off debts… and their parents are broke, too
Published time: 10 Jan, 2019 01:45
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© Reuters / Pichi Chuang
It isn’t just millennials – more than a quarter of their parents’ generations also believe they’ll never pay off their debts, according to a creditcards.com poll. This is true of both the stereotypically cynical “Generation X” – now aged 38 to 53 – and the more idealistic “baby boomers,” aged 54 to 72.
Read more
Renters forever? 89% of US millennials want to own a home but student debt is stopping them – survey
The elderly aren’t spared: more than a third of Americans over age 73 believe they, too, will die in debt. More than 80 percent aren’t sure when or if they’ll be able to pay down their debts, a larger share than any other age group.
It’s a gloomy picture of the financial future coming from the country that trumpets its status as the number one global economy, but these numbers actually represent an improvement over last year’s stats.
Mortgages are the most common type of debt, burdening more than half the poll respondents, and credit card debt was almost as widespread. But millennials are most likely to carry student loan debt, which can’t be canceled even by declaring bankruptcy. And the government is serious about collecting on its investment – stories of SWAT teams breaking down doors to collect on unpaid student loans have become increasingly common. With the US itself $22 trillion in the hole, the government might think they need the money more than their citizens do.
Also on rt.com Trump ‘abandoning’ American youth, student loan watchdog says in resignation letter
Even those (few, apparently) Americans who aren’t shouldering a massive debt burden are dangling over a financial cliff, according to a CareerBuilder report from 2017 that showed 78 percent of American workers are living paycheck-to-paycheck. With the government shutdown holding 800,000 employees’ paychecks hostage, most have no savings to rely on and must use credit cards or other loans to make ends meet – thus digging themselves further into debt.
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https://www.rt.com/usa/436999-student-loan-ombudsman-resigns-trump/
Trump ‘abandoning’ American youth, student loan watchdog says in resignation letter
Published time: 27 Aug, 2018 21:02 Edited time: 28 Aug, 2018 11:39
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© Randall Mikkelsen / Reuters
Seth Frotman, who became the student loan ombudsman for the Consumer Financial Protection Bureau (CFPB) in 2016, has announced his resignation, in a letter written to the bureau's Trump-appointed acting director, Mick Mulvaney, and obtained by NPR.
"Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting," reads the letter, copies of which were sent to Education Secretary Betsy DeVos and Treasury Secretary Steven Mnuchin, along with a number of senators and representatives. “Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America."
Read more
Trump admin to roll back Obama-era policies on race in college admissions, student debt
Frotman specifically notes "sweeping changes" made by the CFPB in recent months, including "undercutting enforcement of the law,""undermining the Bureau's independence" and "shielding bad actors from scrutiny."
"For these reasons, I resign effective September 1, 2018," he says in the letter.
The resignation of Frotman, an Obama administration holdover, is the latest instance of turnover in Washington, following a stream of resignations and firings in the executive branch. It also brings to light the plight of American students hoping to get a university education. The average US college graduate left school with $39,400 in student loan debt in 2017, according to Student Loan Hero. That number represents a six percent jump from the previous year.
Overall, Americans owe a whopping $1.5 trillion in student loans, according to Federal Reserve data released earlier this year. That number surpasses auto loan debt (1.1 trillion) and credit card debt ($977 billion).
US students have long pushed back against the astronomical price tag that comes with a college education, with hundreds protesting in New York when nationwide student debt topped $1 trillion in 2012. However, six years on, the debt has only continued to mount.
Like this story? Share it with a friend!
1 in 5 US millennials expects to die without paying off debts… and their parents are broke, too
Published time: 10 Jan, 2019 01:45
Get short URL
© Reuters / Pichi Chuang
- 753
It isn’t just millennials – more than a quarter of their parents’ generations also believe they’ll never pay off their debts, according to a creditcards.com poll. This is true of both the stereotypically cynical “Generation X” – now aged 38 to 53 – and the more idealistic “baby boomers,” aged 54 to 72.
Read more
Renters forever? 89% of US millennials want to own a home but student debt is stopping them – survey The elderly aren’t spared: more than a third of Americans over age 73 believe they, too, will die in debt. More than 80 percent aren’t sure when or if they’ll be able to pay down their debts, a larger share than any other age group.
It’s a gloomy picture of the financial future coming from the country that trumpets its status as the number one global economy, but these numbers actually represent an improvement over last year’s stats.
Mortgages are the most common type of debt, burdening more than half the poll respondents, and credit card debt was almost as widespread. But millennials are most likely to carry student loan debt, which can’t be canceled even by declaring bankruptcy. And the government is serious about collecting on its investment – stories of SWAT teams breaking down doors to collect on unpaid student loans have become increasingly common. With the US itself $22 trillion in the hole, the government might think they need the money more than their citizens do.
Also on rt.com Trump ‘abandoning’ American youth, student loan watchdog says in resignation letter
Even those (few, apparently) Americans who aren’t shouldering a massive debt burden are dangling over a financial cliff, according to a CareerBuilder report from 2017 that showed 78 percent of American workers are living paycheck-to-paycheck. With the government shutdown holding 800,000 employees’ paychecks hostage, most have no savings to rely on and must use credit cards or other loans to make ends meet – thus digging themselves further into debt.
Like this story? Share it with a friend!
- 753
https://www.rt.com/usa/436999-student-loan-ombudsman-resigns-trump/
Trump ‘abandoning’ American youth, student loan watchdog says in resignation letter
Published time: 27 Aug, 2018 21:02 Edited time: 28 Aug, 2018 11:39
Get short URL
© Randall Mikkelsen / Reuters
- 339
Seth Frotman, who became the student loan ombudsman for the Consumer Financial Protection Bureau (CFPB) in 2016, has announced his resignation, in a letter written to the bureau's Trump-appointed acting director, Mick Mulvaney, and obtained by NPR.
"Unfortunately, under your leadership, the Bureau has abandoned the very consumers it is tasked by Congress with protecting," reads the letter, copies of which were sent to Education Secretary Betsy DeVos and Treasury Secretary Steven Mnuchin, along with a number of senators and representatives. “Instead, you have used the Bureau to serve the wishes of the most powerful financial companies in America."
Read more
Trump admin to roll back Obama-era policies on race in college admissions, student debt Frotman specifically notes "sweeping changes" made by the CFPB in recent months, including "undercutting enforcement of the law,""undermining the Bureau's independence" and "shielding bad actors from scrutiny."
"For these reasons, I resign effective September 1, 2018," he says in the letter.
The resignation of Frotman, an Obama administration holdover, is the latest instance of turnover in Washington, following a stream of resignations and firings in the executive branch. It also brings to light the plight of American students hoping to get a university education. The average US college graduate left school with $39,400 in student loan debt in 2017, according to Student Loan Hero. That number represents a six percent jump from the previous year.
Overall, Americans owe a whopping $1.5 trillion in student loans, according to Federal Reserve data released earlier this year. That number surpasses auto loan debt (1.1 trillion) and credit card debt ($977 billion).
US students have long pushed back against the astronomical price tag that comes with a college education, with hundreds protesting in New York when nationwide student debt topped $1 trillion in 2012. However, six years on, the debt has only continued to mount.
Like this story? Share it with a friend!
