Imagine a relatively mature Arkansas resident or individual living elsewhere in the country who has stockpiled an appreciable pile of wealth through hard work engaged in over decades.
It is logically possible for such a person to feel sorry when hearing about younger people incurring frighteningly high debt loads to go to school, but to feel at the same time that their misfortune does not remotely touch upon the wealth that he or she has set aside, or its future increase.
As a pointed and informative article recently notes, however, such a view fails to accurately appreciate the strong and adverse ripple effects that the country’s collectively massive student debt has on virtually every American.
The publication The Collegian asks readers to consider this: “With large student debt, many [Millennials] will be delaying major financial purchases such as homeownership for several years.”
And that in turn results in this: huge amounts of money not being spent on home-related goods and services such as furnishings, protective insurance coverages, dwelling-improvement upgrades, utilities, landscaping and so forth. The list of “what is not bought” entries linked with delayed home ownership is nearly endless.
And that of course stifles economy growth nationally, cutting companies’ profits, stalling earnings and reducing investors’ gains.
All Americans suffer from the country’s great student debt debacle, with outstanding educational monies owed currently being estimated at about $1.4 trillion.
The Collegian properly notes that, “Declaring bankruptcy is … not a ready option with a student loan” (although it must be noted that the option is not completely off the table in all cases).
Bankruptcy is declared in legions of cases for other stated reasons, though, which often unquestionably relate to individuals being overwhelmed by student debt loads that make keeping current with other financial obligations impossible.
Where heavy student loan duties — existing independently or coupled with other debt sources — spell exhausting financial challenges, an affected individual might reasonably want to speak candidly with a proven debt-relief attorney.
Many strapped debtors find that there are indeed viable strategies to invoke against crushing debt, and that taking proactive and purposeful action can lead to a brighter future.