Crippling credit debt is a plague often associated with adult life as the demand to participate in the consumer’s market increases exponentially. Everybody wants to be that person wearing the trendy clothes or accessorizing themselves with expensive material goods. Who wouldn’t want to signal to those around them that their life is going smoothly? In Carlos Macias’s article, “The Credit Card Company Made Me Do It!”-The Credit Card Industry’s Role in Causing Student Debt, he discusses how one of the best lifestyle facilitators offered to young adults is credit cards (Ramage, Bean, Johnson). The point of this article is to analyze the author’s purpose, logos, pathos, and overall persuasiveness; to uncover whether or not credit debt may not
In Atkinson, (2009) “The difference principle requires that inequalities in a society should work to the greatest benefit of the least advantage.” The goal of student loans has been to make higher education affordable particularly for those who would otherwise not be able to attend. The negative consequences of student loans is an increase in defaults, which is only making those who offer loans more reluctant to lower the cost. Another result, is minorities and women still receive fewer higher degrees among the groups studied. Most people want to pursue a higher education but are weary of the future cost associated.
In “Advice to Teens”, Nicola Phillips demonstrates parents’ concern about their children’s rising debts along with extravagant spending, mostly due to young adolescents having access to easy credit and immoral moneylenders. For young people under the age of 25, indebtedness has become a serious issue, due to “personal loans, overuse of store cards and bank overdrafts” (Phillips, 1). From this, the question of who is responsible for paying off such debts and who should be to blame arises. A specific example is William Collins Jackson, son of an East India Company merchant, who ended up becoming trapped in the world of dangerous borrowing, although initially, he had much promise and a bright future. William wrote many pleas
We live in a world where everyone seeks ‘instant gratification’ and the message that is propagated is: You can have! This is why credit card debt is such an insidious thing in the modern world. Our culture has become so accustomed to using credit to purchase whatever we think we desire, that the idea of delayed gratification is almost laughable. It certainly seems outdated!
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.
These issues carry over into the most important part of the loan as well: the repayment. All Stafford Loans offer benefits such as no interest until graduation, fixed interest rates, flexible repayment plans, and loan deferments and forbearances, but just because a student graduates college does not guarantee that he or she will be able to find employment after graduation, and it also does not guarantee that his or her salary will be sufficient to repay the loans. Such is the case for one in eight borrowers who default in their loans within three years after graduation and suffer dire consequences. From ruined credit to diminished wages, life can be pretty difficult for a graduate who risked it all to strengthen his or her future and that of
Are you drowning in student loan debt? Have you received solicitations by student loan debt relief companies offering to help you get out of it? The Consumer Financial Protection Bureau has issued the following warning signs to consider before you decide to use one these companies: • Avoid working with companies that require you to pay them before they actually do anything to help you. You really should not pay anyone to help you with your student loan debt as you can access free assistance through your student loan servicer. • Never sign up with any company that guarantees loan forgiveness or debt cancellation.
Over the past decade, the federal government has lost a considerable amount of money from student loan defaulters. This matter has raised countless questions about who should pay for these defaulted student loan amounts. Analysts argue that the tax dollars should be used to satisfy the losses since they will limit other students from accessing the same benefit (Rowan, 2013). Other individuals claim that using taxpayers’ money to pay in the event of student loan defaulters would encourage more defaults. This paper seeks to decisively discuss the pros and cons of whether tax money should be used to pay off loans backed by the federal government in the event that a borrower defaults on his or her student loan.
“The number one problem in today's generation and economy is the lack of financial literacy.” (Alan Greenspan). Since kids, we are taught by our parents to study hard so we can earn excellent grades. With those grades, get accepted in a well-known university so at the moment we graduate, get an offer for a high paying job. By completing those steps, we “will be financially successful”.
True freedom is without obstruction or restraint yet there are ways in which freedom leads to restraint. Many advances and opportunities gave rise during 1865 and 1910 in America along with it came a sense of freedom for the people who migrated or resigned there. People like Jurgis had the freedom to work, earned money, and own a home of their own, but in all reality they were not free but trapped by the very things that they had the freedom to obtain. Industrialization was a big thing in The United States and everyone wanted to be part of it immigrants like Jurgis would leave their home lands and travel to the city where there was said to be an abundance of jobs and opportunities.