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
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Samantha Nyborg LEAP Writing 2011-05 September 15, 2014 Critique Draft Megan McArlde is a journalist and blogger who focuses most of her writing on things like finance, government policy, and economics. In her article “The College Bubble,” a magazine article published in Newsweek on September 17, 2012, McArlde writes about how the “Mythomania about college has turned getting a degree into an American neurosis” (1). She focuses a lot on the value of getting a college education, and makes an argument that all the time and money spent on earning a degree may not be worth it in the end. McArlde uses several strategies to appeal to her reader’s, and does a great job of effectively using the Logos, Pathos, and Ethos appeals throughout her article.
With student loan debt on the rise across the United States of America, measures must be taken to address the issue of millions of Americans facing tens of thousands of dollars in debt immediately after finishing college. According to Robert Applebaum, a man that began a petition for the United States federal government to offer a one time deal of forgiving all student loans, to forgive these loans is a necessity and may prove to boost the economy. In Kayla Webley’s “Is Forgiving Student Loan Debt a Good Idea?”, the journalist and correspondent for Times magazine takes a long hard look at Applebaum’s proposal and just how forgiving the student loan debt is likely to play out. Throughout her article, Webley dissects the argument for forgiving
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.
“The dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement (Adams 1).” A 2002 study found that 17% of student loan borrowers reported their loans had a significant impact on their career plans.13 Today, after the economic downturn, ASA’s survey suggests that number has nearly doubled, as 30% of respondents said their student loan debt was a deciding factor or had considerable impact on their choice of career. In addition, 52% said they either strongly or somewhat agreed with the statement that their “need to pay student loan debt is hampering my ability to further my career.” One ASA survey respondent commented, “I need to have two jobs because of my student debt, and I cannot take employment opportunities that will not make enough money, regardless of the potential that they may have in the future (American student assistance 5).” Relates to definition because they need to have 2 jobs to be able to pay off student debt.
In the documentary In Debt We Trust by, Schechter talks about how the mall has replaced the factory as America’s dominant economic engine. The film shows how big banks and credit cards companies drive Americans to become sheep. Schechter is clear when he says that a bubble could burst, and comparison of the USA today is comparable to Rome before its fall (Schechter 358). Government loans are comparable to “mafia loan” because of their outrageous interest rates. In Debt We Trust shows behind the scenes of what the big banks and credit card companies do to their targets.
04 Dec. 2016. In USA Today’s article by Sandra Block and Christine Dugas titled “Five Proposals to Solve $1 Trillion College Loan Crisis,” the authors mention five ways to solve the student debt crisis in America, illustrating things like Bankruptcy reform, loan forgiveness, increasing federal pell grants, and the education of borrowers. Evaluating this article, it provides an informative view on the solution of student debt, and overall expresses many different spectrums on ways we can solve this social problem. The five ways to solve this problems
According to an investment firm that does research for investors, payday loans firms enjoy a 48% return on investment, if we assume a 40% tax rate. Thus, more than $10 billion is made in a year, nationally, by payday loans. Unfortunately this explosive growth is at the expense of low-income and elderly people. The convenience and simplicity of payday loans tend to conceal that a payday loan is at least 10 times more expensive than a traditional small loan. Even a cash advance made with a credit card costs only a fraction of the price of a payday loan.
According to the last recording of student loan debt, the total amount of the United States student loan debt is roughly one and a half trillion dollars (A look at…). Statistics like these present the urgent need to resolve the major financial issue of student loan debt. Solutions have been given by many people to solve this issue but most solutions fail. The main reason behind student loan debt is falling to far into debt to the point where it is almost impossible to come back. The origin behind all of this is a lack of a student loan amount cap.
And in between, students are driven to take low paying and high paying jobs against their own consent, their interests are altered, personal decisions must be taken according to financial situations, and people dare to reject education (Choi, 32). Student loan debt weighs on billions of shoulders in the world and it is nearly impossible to be oblivious to all the harm that it has done and all the factors it takes part in affecting that it shouldn’t. If awareness could be raised and colleges would only consider to at least reduce tuition rather than eliminate it, that would still help do the nation well and commence improvement. An education must serve to inspire imagination and to motivate creativity in as many fields as possible. A society that is excellent is a society that presents opportunities for each and every member.
There is many people that go to college, but because of the cost they don't get through college. The elevated costs of college cause not only students to struggle paying for college, but also to struggle financially paying for college when they are done. In many cases, after graduating, young adults who don’t find a job will become poorer, increasing the gap between the rich and the
Freedom Debt Relief Reveals the Top Financial Mistakes Young People Make Once you are finally out of school and earning real money, on your own, there is so much to celebrate! And your newfound freedom and financial independence should be celebrated. However, it should also be guarded. So many young people are so excited about the here and now that they forget to plan for the future.
Student loan debt loads have been spiraling, doubling over the last decade, and the enrollment rates of young people from lower socio-economic groups are rising far slower than middle and upper groups. Governments must recognize the renewed public investment in post secondary education is an economic and social imperative. 6.7 million borrowers in repayment mode are delinquent (Snider 1). The sad fact is that many lenders aren't exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can't be discharged in bankruptcy.
When most Americans are in debt, they are very stressed out and then they are worried and don't want to do anything because they are moping around depressed about the debt they have put themselves in. For example, ‘’when a threat to basic needs is perceived, when debts flood the certainty of food and shelter, when making ends meet seems improbable, happiness slips away’’(Sheppard).Most people get themselves in the hole because they want to have a family, and then marriage is so expensive the price of it hurts them financially and they are having trouble recovering from it. My mom and dad went through the same thing when I was about 4 years old my grandpa helped them out because he was very worried they would get their house taken away from them because of the debt they put themselves in and now their credit score is in the
Financial fears have grown increasingly common in our society. It seems that the pile of bills on the kitchen table continues to grow as the money in our wallets continues to shrink. Everyday there are those who are unable to sleep because the fear of not being able to make ends meet gnaws at them. Research shows that financial fears have become some of the most prominent fears in America. But why is this the case?
Student loans have always seem to be a controversial topic. Many people are in agreement and disagreement over the opportunity to student loans. Student loans can be a great advantage to many students, but it can also drown them in an immense debt, that will follow them for many years. The more we analyze this perspective, we are able to distinguish the advantages and disadvantages of student loans. There is a variety of perspectives on student loans, some involving annual salaries, interest rates, and commodity.