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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: 2) by DrkShadow on Friday May 19 2017, @04:07AM (2 children)
You may be late to the game: that "Buy gift cards at Target and get 5% off the cash-value" trick was short-lived. You can't do it any more. They might let you use a credit card to buy the card at face-value, screwing them out of Visa's fees, though.
I was looking for a way to do something like this for a friend just a bit ago. I found this trick, and found out it's expired. In the end I wrote them a check for the amount I was going to give them... and then threw the "refillable gift card" fee on top as a laugh. Help my friends, not large corporations.
(Score: 2) by DannyB on Friday May 19 2017, @01:48PM
The last time we bought Disney Cards at Target, we got 5% off the face value. Right at the checkout line.
To transfer files: right-click on file, pick Copy. Unplug mouse, plug mouse into other computer. Right-click, paste.
(Score: 2) by DannyB on Friday May 19 2017, @02:03PM
Target, like other banks, keeps insanely increasing my credit limit to absolutely absurd amounts. I think this in the hope that I'll get into debt and end up paying outrageous interest for years and years.
I'm not sure what you're talking about "gift card fees". Disney Cards are simple. Buy them at Target for 5% off face value (because Target red card gives you 5% off at the check out line). Then at Disney World, those cards are usable like money. Including paying your resort stay, annual passes, etc. As long as it works, we'll take advantage of it.
To transfer files: right-click on file, pick Copy. Unplug mouse, plug mouse into other computer. Right-click, paste.