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lebiez piranaj

Even Boomers are getting pummeled by student loan debt | Business Insider | Financial Post - 1 views

business.financialpost.com/...-pummeled-by-student-loan-debt

boomers student loan business debt

shared by lebiez piranaj on 17 Jan 13 - No Cached
  • Americans over 60 still owe 4.2% of student loan debt, according to the Federal Reserve Bank of New York.
  • Ten per cent of those loans are delinquent, while another 11.2% are in default.
  • Three factors account for the loans: Attending college after high school, going back as an adult, or co-signing for a child’s loans
  • ...10 more annotations...
  • Stay organized
  • The government’s National Student Loan Data System tracks all your federal student loans, making it just a bit easier to stay on top of what (and who) you owe money to
  • See if you qualify for debt forgiveness
  • Have a talk with your lender
  • Consolidate monthly payments
  • consolidating the loans might make things easier—that is, if you don’t choose a predatory service
  • Pay off private student loans first
  • Private student loans almost always have higher interest rates and less repayment flexibility, so it’s best to address them first, says Miranda Marquit, personal finance writer for Yielding Wealth
  • Depending on your professional field, you could qualify to have part or all of your federal student loans erased
  • If you’re having trouble keeping your head above water, just calling your lender could cut hundreds of dollars from your monthly tab
Cristina Raileanu

Consumer Debt - 6 views

1) again this question is an individual decision, I personally would cut back on my weekly spendings on luxuries, and be happy with, especially if I have something particular I am saving for. Also,...

started by Artur Dyachenko on 27 Nov 12 2 follow-ups, last by Cristina Raileanu on 07 Dec 12
faseehthemoonman

Student Debt: University students borrowing their way into unemployment | Full Comment ... - 0 views

fullcomment.nationalpost.com/...ng-their-way-into-unemployment

canada consumer debt

shared by faseehthemoonman on 17 Jan 13 - No Cached
  • probably borrowed money at that — to get themselves a university degree that will prove essentially useless to them the instant they graduate
  • not the fluffy emotional value of making new friends and discovering the joys of binge drinking, but the literal value — how much financial return they can reasonably expect to make on their investment of tens of thousands of dollars.
  • verage level of education debt held by Canadian students upon graduation hover around $27,000 each.
  • ...3 more annotations...
  • low-paid job in the service industry or working for the government
  • The average estimate made by these students as to how much they’ll be making within 10 years, when they’re in their late twenties, was $90,000
  • They are realizing now that their arts degrees might not be enough to land a job, but they’re already paid for
S C

Youth unemployment: a serious problem in Canada - Yahoo! Finance Canada - 1 views

ca.finance.yahoo.com/...-problem-canada-182837006.html

youth unemployment canada yahoofinance

shared by S C on 16 Jan 13 - No Cached
  • Canadian job market is faring well unless you're a student seeking well-paying summer work or a graduate
  • Canada's total jobless rate currently sits at an acceptable 7.4 per cent. But for those in the 15- to 24-age bracket, the unemployment figure is much higher: 14.7 per cent.
  • Typically, youth unemployment is double that of the national average
  • ...24 more annotations...
  • the obstacles youth must overcome to finding gainful employment — be it temporary summer work or a permanent position — has never been more daunting.
  • the youth are always the hardest hit and they take the longest time to get out from under the recession impact on employment.
  • There's just not enough (jobs) to go around. So if students aren't out there early and aggressively they won't get one
  • f you've graduated (from college or university) and you want to start paying off your (student loan) debt and get on with your life, it's very difficult to do that on a part-time job."
  • "There's a lot of part-time activity happening but i
  • Parents would've expected their 20-something children to be independent but they're just not able to do that
  • "Hopefully, both parents are working and they're able to stay at home but for a lot of young people that's just not possible."
  • in big cities like Toronto, there are more youth seeking out homeless shelters
  • Job experience tends to be the biggest hurdle for the 15- to 24-year-old age group when it comes to impressing an employer.
  • "There are a lot of youth that are still demanding that they get paid for entry-level work assignments. I think that that is a bad choice for youth.
  • The first couple of jobs they do by way of an unpaid intern gives them a leg up," Parker says.
  • Many of those unpaid intern programs end up as full-time, paying careers for them and every major employer across the country has dedicated unpaid intern programs.
  • Work experience is absolutely critical. No matter what you graduated with, if you don't have real work experience you're going to have a challenge."
  • Meanwhile, there's little help coming from provincial and the federal government these days it seems. Austerity budgets at the both government levels are seeing civil servants laid off.
  • there's no encouragement at this point by the federal government for the private sector to do job creation (for youth).
  • What you study can be the difference
  • If young people choose to go the route of college, they can get excellent job skills and they have a higher placement rate directly from college into work.
  • current and future post-secondary students need to take a hard look at what their course of study is and whether or not it'll lead to employment upon graduation.
  • "When I talk to high school teachers and guidance councillors about the kind of programs being offered to youth talk about 'what's your dream job?' versus educating kids on what jobs will be available to them," she says.
  • Know how to sell yourself
  • the secret to landing a job is in knowing how to sell oneself.
  • "You have to be as competitive as someone who's been in the job market for 10 years," she says. "You've got to know how to do a job search, how to write a résumé, and you need to convince the employer that even though you haven't done a job before that you're a quick-learner and you're creative."
  • *Target respected employers that best matches your skill set
  • *Offer to do free summer work for the sake of gaining experience and don't be picky about what's offered *When applying to post-secondary institutions, choose schools that provide intern programs *Be knowledgeable about where employment demand will be in the future and ensure your skills are also in demand
  • S C on 16 Jan 13
     
    Youth unemployment is high because of little or no job experience, type of major isn't in demand, and not knowing how to sell oneself, which causes problems like 20 year old people living with their parents
S C

Dealing with Debt: A Consumer's Guide - Office of the Superintendent of Bankruptcy Canada - 0 views

www.ic.gc.ca/...br01861.html

debt consumer guide canada government

shared by S C on 17 Jan 13 - No Cached
  • You have a debt problem, or are going to have one, if: you continually go over your spending limit or you use your credit cards as a necessity rather than a convenience; you are always borrowing money to make it from one payday to the next; your wages have been garnisheed to pay for outstanding debts; you pay only interest or service charges monthly and do not reduce your total debt over many months; creditors pressure you for payment, threaten to sue or repossess your car, furniture or television, or hire a collection agency to recover the money for them; or utility companies cut off service because your bills have gone unpaid.
  • Possible Solutions
  • Contact your creditors Explain why you can't make your payments and suggest making lower payments over a longer period of time. You may be surprised by how many creditors are willing to accept such arrangements.
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  • It is important to stop buying on credit. Continuing to use credit could make your debt load too great for you to handle.
  • Under the Bankruptcy and Insolvency Act you may make a consumer proposal to your creditors to reduce the amount of your debts, extend the time you have to pay off the debt, or provide some combination of both.
  • If none of the above methods solves your debt problem, you may choose to declare bankruptcy. Bankruptcy should be a last resort if you cannot meet your financial obligations through affordable payments over a specific period of time. Bankruptcy is a legal process performed under the Bankruptcy and Insolvency Act. Because of your inability to pay your debts, you assign all of your assets, except those exempt by law, to a licensed trustee in bankruptcy. This process relieves you of most debts, and legal proceedings against you by creditors should stop.
  • How does one declare bankruptcy? First, you meet with a trustee in bankruptcy who will assess your financial situation and explain the options available to you as described earlier. If you decide to declare bankruptcy, the trustee will help you complete several forms that you will have to sign. You are considered a bankrupt only when the trustee files these forms with the Official Receiver.
  • What is the effect of a bankruptcy discharge? The bankrupt is released of most debts. Some debts are not released, however, such as an award for damages in respect of an assault; a claim for alimony, spousal or child support; any court fine; a debt arising out of fraud or misleading representation; or debts or obligations for student loans if the bankruptcy occurs while the debtor was still a student or within seven years after the bankrupt ceased to be a student
  • S C on 17 Jan 13
     
    Canadian government article advising consumers about debt, such as recognizing danger signs, various methods to deal with it, and information on declaring bankruptcy in case consumers are unable to pay off their debts.
Rohan Zahur

Teacher Bashing: The Inequality Psychology | Inequality.org - 1 views

inequality.org/-bashing-inequality-psychology

inequality

shared by Rohan Zahur on 22 Nov 12 - No Cached
  • Rohan Zahur on 22 Nov 12
     
    Q1: What would be your solution to this inequality? Would it really affect people(help teachers; students; any consequences)? Q2: Would your choice be efficient to the state? What would be opportunity costs for your solution?
  • Dyena Huynh on 22 Nov 12
     
    1. my solution to this inequality would be to increase taxes on the wealthy and decrease for the poor and focus the use of taxes more on public schools because that's where it's needed most. Since the problem isn't really about the taxes, it's the rich people themselves and their attitude toward public services so there should be a policy where rich have to support at most, public schools. 2. Yes my choice would be efficient because this way you can at least reduce the wealth gap between the wealthy and poor. The main opportunity cost for my solution is paying more taxes but for a better result in education and basic necessities needed in schools for students to be educated properly.
ShiyuandCristina SC

Canada's organic food certification system like 'an extortion racket,' report says | Ca... - 2 views

news.nationalpost.com/...n-extortion-racket-report-says

Commodities and Resources organic food

shared by ShiyuandCristina SC on 27 Nov 12 - No Cached
  • Annual organic agricultural sales in Canada exceed $2.6-billion, by recent estimates, with supermarket chains joining alternative stores in stocking an ever-widening array of organic-labelled products.
  • Canada’s legislated organic certification process is an invitation for fraud and abuse, the report argues, with consumers paying an often hefty premium for a designation that requires no proof.
  • In response to the organic industry’s growth, Canada enacted a labelling requirement: Since 2009, products making an organic claim must be certified by an agency accredited by the Canada Food Inspection Agency (CFIA).
  • ...6 more annotations...
  • The organic certification industry’s “dirty little secret,” they write, is that “organic crops and livestock are not tested in Canada before they are certified, thus making organic certification essentially meaningless.”
  • The CFIA said organic products are subject to its regular chemical residue monitoring program, along with all other food products. The federal agency, itself, does not provide certification, but rather accredits private businesses to do it. Most are for-profit businesses.
  • “There are a large number of consumers who have misperceptions of what organic means, attaching to it things that generally aren’t true,” Mr. Campbell said in an interview.
  • The analysis did find organic food was 30% less likely to contain trace levels of pesticides, with the researchers saying it was uncommon for any food in the U.S., organic or conventional, to have unsafe levels.
  • But the Frontier Centre authors say that without proof, organic authenticity should be questioned. When large amounts of money are involved, they say, such things as honour systems and the like cannot be relied upon.
  • “The certification bodies are responsible for verifying that organic operators are producing organic products in accordance with Canada’s organic standard,” the CFIA said in a written response.
  • ShiyuandCristina SC on 28 Nov 12
     
    1. Is it fair and better for organic food "businesses" to undergo their own inspections or should the government be responsible for our food safety? 2.The market failure mentioned in this article is an informature market failure. The definition of an informature market failure is when one side of the market has more information than the other. What are some visible solutions to this market failure?
  • ...2 more comments...
  • Aron Joshua Tolentino on 29 Nov 12
     
    1.) It is not fair for organic food businesses to inspect their own goods. By doing that, it will create bias in the inspection results. The government specifically the Canadian Food Inspection Agency (CFIA) should be regulating the quality of every type of food that can be consumed by human beings. This minimizes bias in the results. 2.) There should be an open relationship within the market the sets the equality information in the market. Technically, trade should be fair, no secrets are valid. If they do not comply with this, law suits can be filed. E.g. fraud, copy right, etc.
  • Dyena Huynh on 30 Nov 12
     
    1. No i don't think it's fair that only the businesses themselves inspect themselves because in doing so, you'd assume that your products are good and therefore put less effort in inspecting them. The government should has some responsibility in inspecting the food because they need to make sure it's safe for people to eat, if they aren't careful with the things they're letting people consume they will run into a lot of health problems. More health problems mean more money to be used. 2. A visible solution to this market failure is to share information so this way it's fair for everyone.
  • Valentina Padure on 14 Dec 12
     
    * It is not fair for organic food companies to inspect their own products since they will obviously never reveal anything bad that could potentially damage the company. It would be like a student marking his own quiz or test, they would do anything they could to benefit their mark. This is why governments should be responsible for our food safety. * A visible solution would be that companies must to share all the information they are aware of with the consumers.
  • Samson Luong on 17 Dec 12
     
    1. It would not be the best idea for businesses to inspect their own food because there is a high possible margin of bias and committing unethical acts such as labeling their foods safe when they aren't are likely to occur. The government should be responsible because they would inspect each business in the same manner without bias and utilize the same procedures, ensuring fair inspections. 2. Visible solutions to this market failure would include sharing product information and inspection information to all producers and consumers.
lebiez piranaj

What are some good reasons to borrow money? - The Globe and Mail - 1 views

www.theglobeandmail.com/...article4184887

tips saving money debt

shared by lebiez piranaj on 18 Jan 13 - No Cached
  • 2. Buy a car
  • Some people pay cash for a car, but most of us borrow or lease. Always weigh the cost of borrowing against using your own savings.
  • 3. Save for education
  • ...5 more annotations...
  • Student loans are one of the cheapest forms of debt. They are also a good investment
  • Another way to finance part of your child's education is through a Registered Education Savings Plan (RESP)
  • 7. Pay off debt at a lower interest rate
  • A consolidation loan is a loan at a low rate, which you use to pay off several older loans that have higher interest rates
  • Others pay off their loans and credit cards by increasing their mortgage, which may have a low interest rate.
  • lebiez piranaj on 18 Jan 13
     
    The article talks about strategies on how to save for things like education, on saving for a car, how to pay off your debt at lower rates as well. 
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