College graduates today owe approximately $25,000 by the time they earn their college degree. With tuition rates rising this number is surely to increase. Is it any surprise then that student loans are causing an increasing number of adults with college degrees to declare bankruptcy?
In fact, a recent study stated that outstanding student loan debt totals roughly $1 trillion, which actually exceeds all credit card debt combined, which was at $798 billion.
Recent studies have revealed that an increasing number of college graduates are using bankruptcy attorneys because of their outstanding student loan debts. This might seem odd since the student loans themselves cannot be discharged during bankruptcy proceedings. But apparently adding student loan debt on top of a new home loan and a car loan after graduation is more than some can handle, especially in an economy where the jobs are not as plentiful as before.
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Many Americans have never created a budget before. They earn money, then spend it and hope there is something left at the end of the month. If there isn’t, they start charging things on their credit card late in the month. You can see why this is financially unhealthy.
The solution is to create a budget. You list your monthly income and then all of your monthly expenses. If you don’t have money left over you need to remove items from your list (or increase your income).
The task of creating a budget is a daunting task to some. It’s not that it’s difficult, it’s just that it’s a painful process to go through. Seeing on paper, in black and white, your spending habits is a bit too much for some to take in.
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State budgets are being slashed left and right. One of the things states tend to cut are funds intended for state universities. The school then has no recourse but to increase tuition rates. Across the nation we are seeing tuition rates on the rise, thus it is never too early to start saving for your kids college education. This article will discuss the benefits of the 529 College Savings Plan and how it can make saving for college a bit easier.
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It’s easy to get yourself into financial problems, but getting out of debt is not easy. You need a long term plan and the determination and patience to see it through. So how can you get out of debt? Follow the steps I’ve outlined below.
- Write down all of your debts. use your credit report as well as your statements to see what you owe. Write down who you owe, what kind of debt it is and the amount.
- Create a budget. In order to tackle your debt, you need to set money aside to pay it down. But first, you’ll need to see where your money is going to see how much you can contribute towards your debt.
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Much ink has already been spilled on the subject of how to borrow money. Thanks to the current economic crisis, it seems that more of us are in need of information on the subject of mortgages, loans and credit accounts than we are on the subjects of savings accounts and investment opportunities. But for those who find themselves in the privileged position of being able to set aside some of their hard earned cash, here is a brief introduction to the different kinds of saving and investment possibilities that are currently available on the financial market.
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Anyone who has experienced money worries will know that debt problems are some of the most stressful difficulties an individual or family can face. Worrying about whether or not you will be able to meet payment deadlines or pay the mortgage this month take their toll on your happiness and health but by following some straightforward tips to improve your budgeting techniques you can gain control of your finances and avoid bankruptcy.
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The easiest way to avoid those pesky ~$35 overdraft fees is to NOT opt-in to let the banks charge you. That way you’ll get declined rather than have the charge go through plus the extra fees. Here’s what you can do to avoid getting too close to zero.
1. The old fashioned balance your checkbook thing never fails.
2. Link your checking account to your savings account, so if you get too much from your checking, your savings takes over.
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It’s getting harder to find a place to keep your savings lately. I used to get around 6% APY from some online savings accounts as was chronicled on this blog several years ago. Now I’m hard pressed to find any bank offering just a mere 2%. I have been using GMAC/ALLY bank for 3 years now. I’m just going to keep my money there for now because I get 0% if I leave it under my mattress. Before anyone says that I should invest it, I’m only interested in FDIC insured accounts.
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Part of the Ethernity
