There’s a crisis coming! A big serious issue and it has nothing to do with Russia, North Korea, or guns. Because if you’re in college, or have graduated, here’s the thing that keeps you up at night more than any great party----Your debt is dreadful!
If you read this kind of stuff, it could be a really bad sequel to what we saw about 10 years ago with mortgages.
How bad is it?
Most estimates have student loan debt at over a trillion bucks. That’s more than credit card debt! By the way, if you owe more than $36,000 in student loans, you’re average.
This study says 40 percent of you will be defaulting on your loans in just a few years.
I get it. College is expensive. Tuition is rising more than inflation, so loans may be the only option for some.
But here’s what I don’t get: there’s no common sense anymore when it comes to money matters.
College students may know how to write a term paper, but it feels like many can’t write a check.
College students could talk your head off about English lit, but they’re not literate with things like credit, saving and life insurance.
Don’t you think a financial literacy class should be mandatory for everyone to graduate a high school and college?
Some universities offer these kinds of programs. That’s good, but it’s amazing the government allows an 18-year-old to take on major debt, but it feels like everyone in Washington is silent when it comes making sure that kid knows exactly how to deal with it.
Wait, the government can’t figure out their own debt issue. What a mess!
So get ready for a student debt doomsday that’s coming. Because it feels like we have an entire generation moving forward in a bad car with no brakes.
Yeah, you’ll eventually get somewhere, but it’s not going to end well!