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The Importance Of Credit Card Debt

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Think your credit card debt can play a role in whether you’re approved for a mortgage or renting an apartment or home? It absolutely can. Mortgage lenders use what they call your “debt to income ratio” to determine how much you’re able to barrow. College students consider this; you are most likely going to have student loan debt coming out of college, add that to the lump sum of credit card debt you may have and divide that by your income right out of college. Are you going to be able to afford a home?
Here are a few points about credit cards that factor into your credit score, which mortgage lenders look at when you apply for a home. Your payment history plays a huge part in your overall credit score. 30% of your credit score roughly is
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The documentary Life and Debt does a great job at portraying the economic hardship of the third world nation of Jamaica. The film opens up with tourist arriving to the island and screen shots of the island natural beauty. Then a narrator goes on to explain all of the hardships the island has to go through to make the tourist experience great. Then they cut to an interview with the former Prime Minister Michael Manely who in 1977 was forced to sign a loan with the IMF because the country had fallen on such hard times and did not have another choice. From the time he signed the bill to the time the documentary was made the nation still owed four point five million dollars to the IMF and World Bank.

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In the article “Debt Education: Bad for the Young, Bad for America”, Jeffrey J. Williams explains the damage student debt causes past and present college students. Williams argued that more than half of the college students and their families are in debt from having to make such large payments toward the rising costs of colleges. Though, Williams also states a higher degree or education will lead to a high income and all around better jobs, the risk of being unemployed after college is too great. This is considered to be good for individuals, as it will maximize their economic potential. It is also good for society as a whole as people are getting better education, and rising to greater expectations in the world.

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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.

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Emily Fischer Writing 122 Mr. CD 08 March, 2024 Student Debt Relief Student debt relief is a SAVE plan policy which provides relief for those who have taken out $12,000 or less in student loans. The Supreme Court recently struck down this bill, stating that, “the Biden administration does not have the authority to wipe out nearly half-a-trillion dollars in student debt.” (CBS News). Student loan forgiveness should be instated as it would benefit millions of people financially, which would help the current economic situation and allow people to purchase houses for the first time in their lives. As prices rise, people are struggling to afford college tuition and the cost of living continues to rise, all while wages have stayed the same.

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When people think about college student?s financial status, they often think they are going to be broke from student loans. What most people do think about when it comes to college students is credit card debt. And if people do think about it, the students are often blamed for the debt because many people still think they are you kids who are irresponsible when It came to money. In the article, ? The Credit Card Company Made Me Do It? ?

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There are some things to consider though. You have to remember that although bad credit mortgages are readily available, there are some lending companies that can actually do your credit standing more harm than

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Ana Lucia Urizar, author of the article titled We’re Being Punished by Crippling Student Debt presents the argument of Student debt and the importance of remedying this topic otherwise face future detrimental effects. Urizar provided statistics suck as the average amount of loans in dollars the class of 2015 had taken out. Ultimately, Urizar’s main argument is that something needs to be done about the exorbitant cost of attending college because it is impeding graduates’ careers, standard of living and ability to fully engage the economy. This argument does well providing strong statistics found through credible sources such as The Wall Street Journal, however, the article failed to provide a counter-argument or different viewpoint regarding

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Currently America is nationally nineteen trillion dollars in debt. If America is struggling to economically grow or even maintain itself at the time then how is it possible to help maintain other countries with such prodigious amounts of financial aid. America spends thirty five billion dollars per year to aid for other countries. This contributes to the current economic imbalance . I know what many are probably thinking what about medicare and obamacare.

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National Debt The growing national deficit is a looming problem in the United States now more than ever. The national debt is constantly increasing and government spending is out of control. If these issues are not solved, then they could spell disaster for the nation’s economy. But an even bigger concern is how our Government plans to balance the budget and pay off the Federal Deficit.

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You take the blue pill, your credit crashes, you get denied to live at an rundown apartment. You take the red pill, you are trusted, given access to benefits you earned by on time payments and you are able to see how wonderful good credit can be. After taking the red pill I am pleased to share with other students and peers that being financially responsible is more important than most know and it is easy to obtain. For starters, to be a valid source I am going to be transparent with my financial situation and share that as of today I have a seven hundred and eleven credit score as a twenty four year old college student.

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America as a nation, is in debt. Today, the United States of America is in debt 19.3 trillion and growing every second! That is a debt burden of $59, 586 for every man, woman, and child in this nation. Not only is our government binding future generations to trillions of dollars of debt, we have lost 5 million manufacturing jobs since 2000. Globalization and outsourcing are leading to the steady decline of our manufacturing industries.

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I know that it is inevitable that one day I will need to get a credit card however I am going to put that day off for now. A great tip that I learned from Nick’s story is the idea of saving a quarter of ones monthly rent every week. I myself have an apartment at college and will likely be renting beyond my college career. Nicks tip guarantees that no matter how much one spends as long as the weekly rent it put aside one will be able to pay.

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You are only building a solid credit history and you shouldn’t have any worries. (You can see how your student loans are affecting your credit by viewing two of your credit scores, updated every 14 days, for free on Credit.com.) Try not to look at the amount of debt you owe, this will only bring you down. Considering choosing an end date with your student loans (earlier than your term) to get you motivated.

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If you are looking for a fast, free and accurate web-site to track your credit score than creditkarma.com is for you. I have been using credit karma for a couple of years now. It shows your current credit score through TransUnion and Equifax, 2 out of 3 of the major credit reporting agencies. Apart from showing you your credit score and being free, it also give you recommendations on credit cards, personal loans, car loans all based on your credit score. It also has debt solutions which can help you create a plan to manage your debt.

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The total U.S. student loan debt now surpasses $1.2 trillion and there is more than 40 million recipients owing on federal and private student loans (Malone). Most of the college students in the United States can’t afford their education by themselves and, as a result, students end up drowning in student loans in order to earn a degree. Student debt is a major problem in the US, and it is a major influence on the gap between rich and poor. A more accessible college education would help reduce the gap between rich and poor in the United States.

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