Americans often rely on using credit to make both necessary and luxury purchases. Unfortunately, this consumer culture has led to a great deal of credit card debt in the country. The inability to pay bills on time, and making only minimum payments, could result in interest atop mounting expenses, and a vicious cycle of continuously owing money.
The effects of low consumer spending have hit several retail businesses hard. People are seemingly visiting malls less, as hard economic times lead to more cautious spending. In this type of climate, consumers and businesses are all dealing with financial strain, and many people are considering filing for bankruptcy.
Earlier this month we wrote a blog post regarding a student loan debt relief program that might enable some loan holders to effectively restructure their payments. That particular relief idea is generally aimed at recent college graduates who have not yet had the chance to establish themselves in their careers.
Times have been tough across New Jersey and across the nation in the past couple of years. Whether it is a sagging economy, not enough jobs, or not enough good paying jobs, it seems that it has been difficult for many people to find their way since the so-called "great recession" of 2008.
According to information provided by the National Center for Education Statistics website, during the decades 2001–02 and 2011–12, the cost of attending public institutions, including undergraduate tuition, and room and board, rose 40 percent. Prices at private nonprofit institutions also increased, though not as dramatically, by an estimated 28 percent. What this has meant for the average New Jersey college student is in an increase in the amount of student loan debt with which one graduates.