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from the I-owe,-I-owe,-it's-off-to-work-I-go dept.
Another day, another record broken.
The debt held by US households has surpassed its pre-2008 record, several financial outlets note. A peculiar spotlight in the associated numbers falls on student loans, where delinquencies are multiple times higher than for other debt types: 10 percent is the norm.
That's some pretty troubling news for the economy [and wider society], notes Rana Foroohar at sister outlet the Financial Times. First off, there's the association between the rise in student debt, and a decrease in home ownership for young people. This connection is exacerbated by them millennials increasingly turning towards income-based repayment programmes, which spread out the debt over more years.
Secondly, the level of student debt delinquencies ain't changing: the 10 percent figure is a near-constant over the past 4-5 years. People who've ever had a delinquency -- even if they recover -- have a much lower rate of home ownership at age 30 as compared to their non-defaulted compatriots. Not having a home means not filling it with stuff, and filling with stuff is kinda what the economy is based on.
Then, thirdly, it's not only students that are hit by student debt: increasingly, their parents are taking on debt too, to help out. Fuel for that debt sandwich is something peculiar: the rate of inflation in college admission costs is three times higher than the consumer price index. Must be that college professors wages have increased a lot, then.
Given that boomers and their millennial offspring are the two largest voting blocks in the US, a snappy future president-elect might consider raising the issue a bit.
(Score: 3, Insightful) by MichaelDavidCrawford on Thursday May 18 2017, @10:29PM (9 children)
"I'm homeless. The only reason I can eat is soup kitchens."
They never called again.
Yes I Have No Bananas. [gofundme.com]
(Score: 3, Interesting) by Lagg on Thursday May 18 2017, @10:39PM (4 children)
Do not tell them the person in question is deceased though. Even if it's true. I made the mistake of mentioning the truth - my deceased mom can't pay this medical debt - and they promptly sold it to a credit company and are now sending more mail.
Good thing the only points of contact they have a is a now-destroyed SIM card. I guess.
http://lagg.me [lagg.me] 🗿
(Score: 0) by Anonymous Coward on Friday May 19 2017, @01:16AM (3 children)
And instead of dealing with your family's problem, you've pushed it onto the next person who receives that phone number. Nice ethics.
(Score: 2) by MichaelDavidCrawford on Friday May 19 2017, @01:48AM
I always answer my phone "This is Mike".
That particular collection agent was after some other guy who was also named Mike. It didn't work to claim they had the wrong guy.
Eventually I got a new phone number and the problem went away.
Yes I Have No Bananas. [gofundme.com]
(Score: 0) by Anonymous Coward on Friday May 19 2017, @01:52AM
The problem resided with the estate. It was the creditor's problem.
(Score: 2) by Lagg on Friday May 19 2017, @04:46AM
Are you American too? I feel like you are because that sort of misplaced sense of responsibility to the state and corporations seems mighty American. Tying it to ethics seems especially American.
But no. Debt of a decedent doesn't work like that. I am not an executor. Good luck surviving in the America we have created for ourselves in the last few years with that mindset though. You'll be eaten alive. Then the industry will ask for seconds.
http://lagg.me [lagg.me] 🗿
(Score: 0) by Anonymous Coward on Friday May 19 2017, @01:58AM (3 children)
Crowfard never misses an opportunity to brag about his great life.
Debt collectors calling? Just be homeless!
MDC is a lucky duck to be one of the beautiful people, and when he sings on the street, people give him money. Me, if I try to sing on the street, people tell me to shut up and fuck off and they call the cops. Yep. Crowfard lives the incredibly charmed life of one insanely fortunate motherfucker.
FUCK MDC.
(Score: 0) by Anonymous Coward on Friday May 19 2017, @02:57AM (1 child)
if I try to sing on the street, people tell me to shut up
Apparently, you have no performing talent.
It's small of you to be jealous of the superior talent of MDC.
...and if you don't have sufficient skills/a job that pays more than busking, you should get in contact with The Mighty Buzzard.
He has many ideas concerning the skills/job paradigm and he is VERY willing to share those.
-- OriginalOwner_ [soylentnews.org]
(Score: 0) by Anonymous Coward on Friday May 19 2017, @06:58AM
Not so fast, TMB has been caught in multiple lies where he works for some company yet at other times is himself the employer with grateful minions. Pretty sure you'll be sucking sand from that goat's bladder, but you'll get a good dose of 'Murrican bootstrapping advice.
(Score: 2) by DannyB on Friday May 19 2017, @02:21PM
You're doing it wrong.
If I try to sing in the street, they pay me to go somewhere else and sing.
You obviously have no talent sir.
The lower I set my standards the more accomplishments I have.