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Wisconsin students immersed in a wall of debt
Shepherd Best of Milwaukee 2013

Students and alumni are frustrated facing the burden of student debt. If these groups carry such tremendously high debt, they won't be likely to spend on other consumer goods either. They won't apply for car or house loans. They are less likely to go on vacation, go shopping, splurge on a new coat or even go for regular hairstyling and manicures. This affects the overall economy.

The power of the consumer pushes the economy along. We buy cars. We maintain those cars, we attract girls or guys to impress with those cars and we buy nice clothes to project a positive attitude and demeanor.

While the numbers are still coming in, there are early indications that growing student debt is draining the economy in a serious way, and it is derailing consumerism. Individuals are in dire need of economic relief.

One dental school student has admitted the pressure he will feel when he graduates and still have to sacrifice to begin his practice. When does he get to start the American dream? Putting off doctor visits or foregoing filling expensive prescriptions is doing a small part to economize, but is it enough?

As young people finish their degrees and go forth in the world, they get married, aspire to have homes and welcome children into the world. That's their dream. But when the bottom fell out of the housing market several years ago, the hearts of homeowners could be heard breaking around the world. High student debt makes it difficult to convince a lender you are a good risk. So, again, it affects the way we do business. Underwriters make it harder to write loans, and this is not contributing to the balance of housing and construction industries.

People have lost homes, jobs and suffered through floods, fires, earthquakes and sinkholes. Some people are trying to get their homes back they lost years ago. For many, a Chapter 7 bankruptcy can mean a fresh slate. It is a complicated process, but one that doesn't have to spell disaster. It could mean a chance to regroup and have a fresh start in better times. To find out more about these options, investigate, read and speak with bankruptcy attorneys who can provide you with the correct information. You may be able to unload a good part of your debt and regain a clear world of knowledge for a new beginning.

Source: Time, "Student loans are ruining your life. Now they’re ruining the economy, too" Sam Frizell, Feb. 26, 2014

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