I live in New Jersey. And in N,J, and probably quite a few other places too. The first encounter people have with taking out a loan, is a student loan.
Here, student loan debt is just something that everyone has. The government automatically give everyone a set amount of money depending on your family’s income. But you will always get a loan if you ask for one. And it’s a loan that a lot of people seem to think they don’t have to pay back.
Because everyone has it, it isn’t something that sets people apart in a bad way. And you have to earn a certain annual wage before you have to pay it back. Which hopefully you will, but it’s not as easy as you’d think to find a job straight out of university that pays high enough for you to have to make repayments.
And even if and when you do finally earn enough, the repayments just automatically get taken out of your wages at such a low amount you’d hardly notice. If you earn the minimum amount, you end up repaying like $25 a month.
Which, when most people owe around $30,000, is never going to repay the debt in full. So then what happens?
Well if you wait 25 years, it will just expire, and you won’t owe anything anymore. And up until recently, you could write it off just by moving abroad. Even now, it’s hard to keep track of the people that leave the country, so most of them won’t make repayments unless they return.
It’s nothing like you’d imagine being in debt to feel like. So if people’s first dealings with debt are so easy and hassle-free, is it any wonder we’re all running off to search ‘loans places near me’ when we run out of cash? At least New Jersey has very cheap car insurance no deposit, in the U.S.A, guess that’s one perk of living here..