A recent study led by Ohio State University Professor Rachel Dwyer yields a shocking, appalling, and mostly just terrifying conclusion: Many young people feel empowered by their student loan debt — and even by their credit card debt.
Everyone knows someone who grew up during the Great Depression, and as a result, eats green beans out of the can and sews up holes in socks.
A credit card is the “quickest way for young adults to build good credit”—and it’s also the “quickest way to destroy a young adult’s credit.”
It may prevent or delay you from getting married, buying a house, having kids, starting a business, or otherwise getting on with your life. It’s … student loan debt.
Liz Weston, author of a new personal finance bible of sorts, issues this key point in as straightforward a way as possible: “Anybody with a high school education can figure out the basics of money.”
Next up in our personal finance guru Q&A series is Farnoosh Torabi, who doles out financial advice regularly on all the major morning talk shows, writes MoneyWatch’s Your So Money blog, and has a new book out called Psych Yourself Rich: Get the Mindset and Discipline You Need to Build Your Financial Life.
Also, reasons why you’re unable to save, reasons why you should spend, mistakes that everybody should make at least once, and why you’re a sucker if you “lather, rinse, and repeat.”
More Poverty! More Uninsured! More Stagnation! Plagues! Locusts! OK, I think I got carried away there for a moment. But yikes.
Facing foreclosure, one man bulldozed his entire home, while another thought the best means of catching up with the mortgage payments was to set his car on fire. Here’s a roundup of people who have been pushed to the brink by awful financial situations—and who also may have had a few screws loose long before the economy tanked.
Last year, 80% of Americans believed that college was a good financial investment. Now, results from the same survey show a sharp drop in confidence in the rewards of higher education, with only 64% of people saying that college is a good investment.
A survey in the UK says that 60% of university students would star in a porn film to help pay off student loans.
Use each of them in the right way, and you’ll find yourself in a better financial situation. In theory, that is.