Advantages And Disadvantages Of Payday Loans

Being born and raised in a culture and then uprooting your life to pursue opportunities in a different culture can be hard in three ways. First, speaking a foreign language and then coming to America where majority of the people speak English can be difficult to adapt to. When a person has grown accustomed to speaking their native language, it can be problematic to have to pick up an entire new language. Possibilities can be limited because of the restrictions on one’s ability to communicate with other. Second, if a teenager comes to America from a foreign country they will have to take on responsibilities that they normally would not. An adolescent might not be used to having to pay bills which can cause complications. Having to adjust to

Are payday loans really that bad? This article goes in depth about how payday loans work and what it is, the opinions of both sides of the argument about payday loans, and the high interest rates that payday loan lenders charge. Payday loans are called such because the day borrowers receive their paycheck is when they can pay back the loan. Payday loans are small, short-term loans that can assist with any emergency payment such as a car accident, weather damage to a person’s house or unexpected hospitalization. The borrower must have a job and a bank account to borrow from a payday lender. The interest rate seems very high annually, as high as 400%. The reason for the high interest rate is because the loans are short term, so they normally

The fact that the price on college education has been steadily rising since the 1900s is not ground-breaking news to many. This substantial increase in college tuition has been creating difficult situations and challenging issues for accepted students, causing many to desperately turn to banks for student loans. According to Charles Kolb in his article, “College Costs and the American Dream,” college students take out loans in order to pay for part of their tuition and it “has grown to such an extent that [America] now [has] more than $1 trillion in student loan debt.” (Kolb). Because of the rising price of a college education, students must take out a massive loan in order to pay

Thus, it stands to reason that the article’s purpose is to support the argument that predatory lending practices are at fault for the debt young adults experience. Macias uses personal experience immediately peppering in researched data to support his findings and conclusions on how the credit card industry wholeheartedly takes advantage of young America. His article captures the reader’s focus by appealing to pathos and tugging at pity in the reciting of how Macias was taken advantage of by credit lenders. Carlos Macias’s argument for the debt accrued by college aged adults being the fault of the credit card companies themselves roots itself in his rhetoric. From his skillful hooking of the audience with information garnered from personal experience to the utilization of logos throughout the paper presenting itself as careful and reliable research. He discusses how one of his favorite stores to shop in is the GAP and upon shopping there on one Spring Break the store clerk present had persuaded him into enrolling in a program that entailed opening a GapCard. Carlos Macias was persuaded into this program

Student loan debt has become a vast problem in today's society. More than forty million people have student debts, and make up approximately $1.3 million of debt in the United States (Knebel). People are delaying major life events in order to pay off these loans. To remedy this, the government should make it possible for people to revise their student loans to fit their salary or implement an income-contingency plan.

The student loan issues are causing huge problems on both students and society it seems clear enough that students are borrowing a lot of student debt, and they are failing on that debt and aren’t capable of paying it back and that is destroying their ability and threatening their ability to access any more credit in the future. The approaches students are taking to a student loan debt collection are fraught with many problems, including bad recovery tactics and failing on making repayments on the debt.

In the documentary “Maxed Out” it followed several families financial troubles and heartbreak which resulted in three untimely suicides. Credit card companies are much like vultures, they prey on the “weak”. They prey on young college kids in need of financial help, and older people with mortgages. None of these people truly understood how important their credit was. They didn’t, at the time, know how dangerous credit cards can be.

According to Anya Kamenetz in the article “Generation Debt,” young people of today are struggling with high debt due to high educational finances and this is preventing them to move on as responsible adults. College tuitions are too high to pay that young people fall into applying for student loans, and have significant credit card debt with high balances. Most students are using their credit cards to pay for their college expenses and student loans; even their paychecks are being used to pay for college. I agree that many young people held back in becoming a full adult which they are doing everything they can just to continue their education. Even if it means to continue living at home with parents just to make ends meets and not being able to step in the “fully adulthood.” In other words they, are prolonging their adulthood just to be able to go to college and be able to fully

Columnist Scott Gilmore brings to light the operations of payday loan companies and the impact that they have on society. Although the payday loan companies seem to take advantage of the financially vulnerable members of society, perhaps the true fault lies within the education of society. A devastatingly large portion of society seeks out payday loans, and the results are appalling. As mentioned by Gilmore in the article, “[A correlation was found] between the number of payday lenders in a neighborhood and premature mortality”. This reveals a lot regarding the repercussions of seeking out loans that in turn create greater loans. The stress caused by financial troubles takes quite a toll on the human body and mind, and efforts need to be made

Imagine you are a college athlete; your daily routine would consist of an early wake up and a practice. After the morning practice, you have to go to all of your classes. Then, since you are failing a few of classes, you have a tutoring session. Lastly, to finish your day off, you have more practice which will likely end late. Athletes have to follow this routine the whole school year. With all the athletes’ time going towards their sports and studies they have no time to find a job or work to pay for anything. Some of these athletes do not have scholarships to help pay for college. This can lead to an increasing amount of debt because no income is gained to pay for college. Would you not want the college to pay you in some way to compensate

Throughout many poor and developing countries, it is traditional for men to earn income and money for their families, while women are responsible for caring for their children or elderly parents. However, it can be a struggle for these families to pay for school for their children, or even basic necessities such as food and clothes, due to their limited income. Microcredit organizations are working to help poverty stricken families such as these by lending small amounts of money to women. The provided money, called microloans, helps women start small business of their own and bring in additional income for their family. Although it is argued that these women could end up with an accumulation of debt that they are unable to repay, the

In “Student Debt” on HBO’s Last Week Tonight, John Oliver discusses how awful student debt has become for college students nationwide. In a humorous way, Oliver’s segment on the student loan crisis in America reveals the truth about many for-profit schools, as well as their substantial costs, how they manage their money, and their recruitment processes. Stating some of the leading causes of debt in America, like credit card debt and auto loans, Oliver argues that student loans are a “special kind of debt” that reached over $1 Trillion as of 2012 (1). Oliver supports his claim by pointing out that student loans are inescapable and are the most collectable type of debt; resulting in garnished wages, being non

Though part time jobs can be beneficial for high school students- teaching them skills and providing work experience- not everyone thinks so. In his essay “Working at McDonald’s”, Amitai Etzioni explains to his readers why part time jobs in fast food restaurants and places like them are bad for high school students. Firstly, he claims that there is no room for advancement on the career ladder at these part time jobs, but this is not true. Etzioni states that “fast-food chains and other such places of work (record shops, bowling alleys) keep costs down by having teens supervise teens” (262). This is a complete contradiction to his overall claim that there is

In the persuasive article “Why Teens Are Getting Shut Out of the Workforce”, Andrew Soergel argues that teens are not holding a job because the elders are not moving up and the teens college enrollment rate is very high. A research shows that there is nearly 40 percent decline in the employment rate among 16-19 years old over the last 12 years. This is the lowest rate since World War II. There must be some reasons that makes the teens employment rate extremely low. A report also noted that people who work at a young age are more likely to earn more money. Therefore, teens who do not work will earn less income than those who do work. One expert proved that people with more working experiences are not willing to retire. Companies are more likely

One disadvantage of a paid time off program are employees taking advantage of the flexibility of a paid time off program (Warford, 2014). Sometimes employees will abuse paid time off programs especially when most PTO programs have very few restrictions. Human resources professionals need to set up policy restrictions that will either reveal or curb abuse of the paid time policy. Employee need to under that liberal paid time off programs are a benefit to help employees balance work and family obligations. To reduce rollover of paid time off many employers implement a use or lose policy. This may cause employees who want to take longer vacations to come to work sick when they need to be home. Since they cannot rollover PTO from year to year some