Do huge student loans make financial sense anymore?
Updated: 2012-03-31 17:38:37
Outstanding student loan debt now tops $1 trillion in the U.S. It's not unheard of for students to obtain advanced degrees in law or medicine and carry hundreds of thousands of dollars in student loan debt.
It's no wonder given the staggering amount that families and students are now borrowing to fund college educations that more people are asking: Are college educations worth that amount of debt?The more I think about it, the more disturbed I am about the U.S. education system. I think it is right to question the need for a college education given such huge debt loads. I don't think college is right for everyone and I especially don't think it's a good idea to start adult life with a mountain of college debt.
From the day my mother handed over my Social Security card to me, she warned me against ever carrying it with me.
If only I had listened.
March Madness has begun! If you can tear yourself away from the games, be sure to read on for my roundup of my 10 favorite personal finance blog posts from the past week.
Unless you pay no attention to pop culture, you know that "The Hunger Games" hits theaters today. The movie is based on the smash hit book series by Suzanne Collins. It's interesting to observe the fictional world that Collins created. It's like an extreme version of the situation that spurred the Occupy Wall Street protests. The book was first published in 2008, but the story seems eerily timely. Please continue reading for my roundup of my 10 favorite personal finance blog posts from the past week!
: Living with credit 447 New , interesting products 102 Research , regulation , industry reports 236 Rewards 42 Protecting yourself 170 The fine print 76 Credit card miscellany 380 Celebrity Money Watch 4 Print Email Federal watchdog to card issuers : We're watching you Dan Ray March 17, 2012 Research , regulation , industry reports We're watching . you That was the message that Richard Cordray , the head of the federal Consumer Financial Protection Bureau , had for credit card issuers when he spoke this week to the business journalists attending the annual Society of American Business Editors and Writers conference this week in . Indianapolis Cordray kept his formal remarks short , leaving lots of room for questions from the attending . journalists I got one in about credit cards , asking
On Monday, my husband and I celebrated our first wedding anniversary. Nothing major in our relationship changed when we got hitched, since we had already been together for more than five years. Yet there were many small changes. And I did have a minor melt-down over the holidays, but I learned from it and am becoming better at looking at finances as "ours" instead of "mine."
Read on for my list of my 10 favorite personal finance blog posts from the past week. The first one from Money is the Root is about this exact topic. Enjoy!
Earlier this week, American Express announced that it has launched new program that allows cardholders to access exclusive deals by simply using Twitter hashtags (text with a '#' before it). It's the first time I've heard of a credit card issuer doing something so social media-savvy. Why didn't anyone think of this earlier?
Learn more about it, plus read my roundup of my 10 favorite personal finance blog posts from the past week!
Everyone gets buyer's remorse sometimes. But as New York Yankees star Alex Rodriguez discovered, it's not always possible to return a purchase and get your money back, even if you're a future Hall of Famer.
, Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Don’t Fill Your Credit Balance to Fill Your Tank by Credit.com on 03 30 2012 These days , gas prices are spiking significantly , leading many to put more money than they should on their credit cards . This is an all-too-common problem that can have a severe impact on a borrower’s credit . score With gasoline prices at sky-high levels across the country , many consumers are now being given no choice but to put their fuel purchases on their credit cards as a means of making ends meet . But this
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Mega Millions Madness : Money Pros Weigh In by Gerri Detweiler on 03 30 2012 Let’s face it . When it comes to things like lottery jackpots , personal finance experts and writers tend to be wet rags . We usually put lottery ticket purchases in the same category of money sins as bottled water or spending 5 for a cup of coffee that can be brewed at home for 25 cents . But whom among us has never splurged for a one-pump mocha grande latte So what about lottery tickets Do we really practice what we
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Students Still the Target of Credit Card Offers , Despite Regulations by Credit.com on 03 30 2012 Federal laws now prohibit certain types of marketing for credit cards that targets consumers under the age of 21, but lenders are still working around many protections and finding ways to continue extending offers to young . adults Though the Credit Card Accountability , Responsibility and Disclosure Act prevents many of credit card issuers’ favorite marketing tricks from being used on college
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans High Interest Rates Still Plaguing Consumers by Credit.com on 03 29 2012 While many of the nation’s top credit card lenders have made greater efforts to broaden their qualifications for opening new accounts , many consumers are still finding that the interest rates on those cards are higher than they may have been used . to Free Resource : Check your credit for free before applying for a credit card In the past , it was not uncommon to see interest rates on credit cards in the single digits , but
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Are 2 Rewards Cards Better Than 1 by Beverly Blair Harzog on 03 29 2012 It’s human nature to be attracted to a rewards credit card that offers a large sign-up bonus . You spend a certain amount of money within a specified period of time—three months is common—and you get some cash . Ka-ching But guess what feature makes people most likely to have a wandering eye when it comes to rewards cards According to the recent Capital One Quarterly Rewards Barometer Survey results , 49 say that more rewards
: Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Review : Gold Delta SkyMiles Credit Card From American Express by Beverly Blair Harzog on 03 28 2012 When it comes to travel rewards credit cards , I tend to like the general cards that allow you to earn miles on a variety of airlines . But if you travel on a specific airline most of the time , using an airline-branded credit card can work out nicely for . you If you fly Delta frequently , the Gold Delta SkyMiles Credit Card from American Express offers some very good rewards . 160 For starters
There are a variety of credit cards forms, with different benefits, you just need to pick the one that fits your needs and offers you more rewards. If you travel a lot for both pleasure and business a frequent flyer/Travel Credit Card is probably the best one.
5 Major Purchases You Should Always Protect with a Credit Card by Ben DeMeter on March 30, 2012 You know , charging your new laptop to your household credit card might seem like a dumb idea now , but just you wait . Because you used your card , you’ll be singing a different tune next month when you trip and spill your decaf latte all over the keyboard . The reason is simple . As part of their campaign to win over today’s excellent credit” consumers , America’s credit card companies have begun offering some extensive protection plans on major purchases and the plans are pretty . impressive From building construction to facial reconstruction , credit card companies are swooping in to save their customers from fraud of all kinds and from purchases that just went wrong . And when it isn’t busy
, Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Hey , Get Out of My Face(book by Adam Levin on 03 28 2012 Over the past few months there’s been a growing hue and cry over reports that some employers ask job applicants for their Facebook login and password information as part of the vetting process . They are hardly alone , though it’s not easy to know just who’s doing it and who’s not . But this is not new–some state and local government agencies , particularly law enforcement agencies , have been doing it for . years To wit , the job
Well Heeled Blog Best of the Best Blogger Series by Bill Hazelton on March 29, 2012 Next up , in the 47th edition of our very popular Best of the Best Blogger series , I was thrilled for the opportunity to speak with the owner of Well Heeled Blog blogging anonymously as WellHeeled What’s so utterly refreshing about WellHeeled WH as one of the more notable personal finance bloggers in the category , is her unapologetic joie de vivre Passion seems to be the underpinning of WellHeeled’s life , permeating throughout her writing and topic coverage and coloring her personality in an undeniable way . She actually started WellHeeled as a lifestyle blog but quickly decided that she wanted a broader canvas with which she could write , talk and share her . life Folding in coverage of personal finance
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans How to Get a Credit Card Without a Credit History by Credit.com on 03 29 2012 One of the biggest problems many consumers who don’t have a borrowing history but want to start establishing one may run into is that lenders simply aren’t willing to extend them . credit Even as the recession’s effects recede and lenders become more willing to extend credit to borrowers who had defaulted in the past , consumers who don’t have an established credit history of their own particularly those who are young
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans 5 Credit Card Survival Strategies I Learned From The Walking Dead by Beverly Blair Harzog on 03 27 2012 While watching the season finale of The Walking Dead last week , it occurred to me that a zombie apocalypse is similar to using credit cards for financial survival And yes , I do know that I’m the only person in the entire freaking world that would make a connection between zombies and credit cards . 160 If you have no idea what The Walking Dead is about is that even possible here’s a quick .
There are a number of credit check companies in existence that aren’t legitimate or exist purely to gain your information. In this article we look at how to ensure you work with legitimate companies and how often you should request information about your credit score.
: Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Money Rules for Life : Borrow Less Than You Can Afford by Christopher Maag on 03 28 2012 Mary Hunt , an author famous for her book and newsletter Debt-Proof Living , 8221 is known for helping people get out of debt But that doesn’t mean Hunt believes debt is necessarily bad . It’s all about having the right amount : Enough to build a decent credit rating but not so much that it swamps your monthly . finances Credit Check Tool : 160 Try Credit.com's Free Credit Report Card We could flat-out ban
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Apple Gets Bigger Slice of Mobile Payment Pie by Credit.com on 03 26 2012 Companies that both develop and use the new type of credit card payment processing platform that allows businesses to accept purchases using mobile devices are leaning more heavily on the operating system popularized by . Apple As the mobile credit card processing industry continues to grow quickly , more companies are jumping into the development of their own applications and hardware , and most of those companies are
It is essential that you contact your credit bureau as soon as you notice a mistake in your credit card report. Although it may look small to you it can significantly harm your credit rating.
, If You Ever Want To Retire , Start Investing Yesterday by Ben DeMeter on March 28, 2012 Okay so you’re young , freshly employed and one credit card away from being considered an official adult which means it’s time to start talking about retirement . Now that you have a steady stream of income , planning for the future should be first and foremost on your to do” list . After all , retirement isn’t a given like it was for your parents’ . generation With the economy still struggling to get back on its feet , more and more people are finding themselves forced to work long after their 65th birthday just to keep their heads above water . If you don’t want to be a part of America’s growing white-haired workforce , then you need to start planning for your golden years NOW . The tried and true
, The World’s Most Expensive , Most Exclusive Credit Cards by Ben DeMeter on March 27, 2012 They say you haven’t made it until you get a Black Card but the American Express Centurion isn’t the only credit card that caters to the wealthy elite . Behind gilded doors the rich and the powerful are reaping the benefits of a whole slew of ultra-rare premium credit cards that most of us will never even see up close , let alone hold in our . hands However , this exclusivity comes at a price . Some of these credit cards charge as much as your college tuition in annual fees and require cardholders to earn over 100,000 in bonus points before those points can be redeemed for top-shelf rewards So without further ado , here’s a look at how the other , wealthier half spends . 1 The American Express
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Millenials Struggling With Massive Debt Load by Credit.com on 03 27 2012 Though many young Americans may see their 20s as a time to gain some amount of financial independence , a large number are also struggling under the weight of significant debts on several lines of . credit The average American 20-something carries debt totaling 45,000, and that amount increases for millenials as they move toward their 30s , according to a new study from the PNC Financial Services Group . While Americans
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans Want to Get Out of Debt Exercise and Make Your Bed by Gerri Detweiler on 03 26 2012 Can exercising even just once a week help you get out of debt How about making your bed every morning The connection between these very different habits may not be as far-fetched as it sounds . In his new book , The Power of Habit New York Times writer Charles Duhigg sheds light on how habits help shape our lives , health and success or lack thereof and serves up convincing evidence that changing seemingly
Many people are sacked with tens of thousands of dollars of credit card debt with no idea how to get rid of it. The best way is to pay off their debts, but sometimes the situation gets out of control and larger measures, like a home equity loan, must be taken.
It is all too easy to damage your credit score if you don’t know what you are doing. In this article we look at some of the ways that credit can be damaged and how you can avoid falling into these situations.
: Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans The Next Bubble : Is It Time to Cap College Tuition by Adam Levin on 03 23 2012 At 1 trillion dollars , student loan debt has eclipsed credit card debt for the first time in American history . To make matters worse , come July 1 the interest rate on federally subsidized Stafford student loans will automatically double , from 3.4 to 6.8 unless Congressional action is taken to extend the lower rate before then . Depending on which side of the aisle you choose , extending the lower rate will cost
Credit Card Insurance Now Covers Ruptured Breast Implants by Ben DeMeter on March 23, 2012 Most people wouldn’t consider exploding breasts to be a case of credit fraud , but one credit card company in England is looking to change all that . Lloyd’s TSB took customer service to a whole new level this week when it fully refunded the 3,700 that a woman paid for shoddy breast implants . The roughly 6,000 that the card issuer provided the victim isn’t the largest lump sum a creditor has ever doled out as a refund to make up for a phony charge , but it has certainly set a new precedent in fraud protection . Here’s a look at how the bizarre story . unfolded The woman , a 40-year-old hairdresser from the Midlands who wishes to remain anonymous , got her implants at a private clinic in 2008. While
Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans The Best Credit Card for Rebuilding Your Credit by Beverly Blair Harzog on 03 22 2012 Often , people who have bad credit assume they have very few options when it comes to getting credit . But you don’t have to get involved with predatory lenders—and the outrageously high interest rates they offer—in an attempt to rebuild your credit . history Listen , just say no to high interest rates and take a look at Orchard Bank Classic MasterCards or Orchard Bank Visa Cards This bank offers both secured
: Hello . Sign in to get personalized recommendations . New visitor Start here Follow Us Frontpage Topics Editorial Staff Archives Subscribe Credit.com Credit Cards for Excellent Credit Credit Cards for Good Credit Credit Cards for Bad Credit Secured Cards Prepaid Cards Credit Reports Personal Loans HARP 2 : Will It Really Help Or Is It More Hype by Gerri Detweiler on 03 21 2012 The mortgage industry is buzzing about HARP 2, the revamped federal Home Affordable Refinance Program Some are predicting it will trigger the biggest refi boom of the decade . But will it really help homeowners whose loans are deeply underwater refinance into low-rate loans Or is this more hype about a program that will help far fewer homeowners than promised Guidelines released recently by one of the nation’s
Unraveling the 3 Biggest Mysteries of the American Express Black Card by Ben DeMeter on March 21, 2012 It’s the international symbol of unimaginable wealth a credit card made of black titanium that carries no limit and that grants instant admission to any high-stakes roulette game in the world . Since American Express first introduced the Centurion card in 1999, the company’s premier credit card has grown into something of a pop-culture . legend Commonly referred to as the Black Card , it’s referenced by rappers , flaunted by Trump and imitated by Visa But for all of this publicity , the Centurion is still very much a mystery . Very few people will ever see one , and even fewer will receive the fabled invitation to own . one This week , however , American Express finally shed some light on
Massive Robo-Signing Scandal Slams the Credit Card Industry by Ben DeMeter on March 19, 2012 Remember that time we predicted that Wall Street might have used robo-signed documents to sue consumers for uncollected debts , even though they were up to date on their credit card payments Well , it turns out we were right or at least it looks that way at the . moment This week , the Office of the Comptroller of the Currency OCC launched a full investigation into the methods Chase used to process delinquent credit card debt over the last two years . American Banker , the source that first reported the suspicious happenings at JPMorgan Chase , broke the news on Tuesday in the first of a series of articles set to explore how delinquent credit card payments have fallen victim to the same scandal
New Study Reveals Mobile Wallet Security Will Get Worse in 2012 by Ben DeMeter on March 16, 2012 It looks like things are going from bad to worse for mobile wallets . In a post last week , we discussed how the rise of the smart phone increased incidences of identity theft by 13 over the past year In a nutshell , a survey discovered that Americans are storing their personal information on their phones without any security measures in place to keep the data secure , effectively turning them into gift bags for identity . thieves The findings raised serious concerns about the safety of storing credit card information on phones , which is problematic for the mobile wallets like Google Wallet and ISIS set to hit the market in the next few months . And that’s not even the bad news . The bad news
3 Credit Cards That Are Ripping Off Mother Nature by Ben DeMeter on March 14, 2012 From American Express to Chase Financial , every major credit card issuer in the country has started issuing green” credit cards that promote environmental conservation but these cards aren’t as environmentally friendly as they . appear Watered-down rewards systems and misleading ads make these pieces of plastic little more than marketing candy . If you really want to help the environment , make sure you shop around and avoid these not-so-green pieces of plastic the next time you go shopping for credit cards . The American Express Zync Card The American Express Zync Card uses a customized rewards system to determine where you can earn double rewards points for your purchases . One of the packs” that