This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/debt-low-income/
This exclusive trade related news Feature, was selected personally by Marcus lee, who is one of our undercover online business News flash reporters – will provide you more insight in how these points of views could be decoded into your own business projects.
There are thousands, and thousands, and thousands, of blogs and articles out there with titles along the lines of “Learn how John and Jane paid off $120k of debt in 16 months!”
If you click on these stories, though, 99% of the individuals and couples highlighted either have a high income, a dual income household, relatives who subsidized their lifestyles, or some combination of all three.
Rarely do they have low income.
Don’t get me wrong, paying off debt is a good story for anyone, but these stories are totally worthless for those who have a low income.
I’ve seen firsthand how even a few thousand in credit card debt can feel insurmountable for someone who has low income and no cash savings. To someone with a high income it may not feel like that much debt to pay off, but that’s because they have much higher income.
I oftentimes think of student loans in these terms. For someone making $300k a year, having student loans of $150k may be manageable. But for someone making $40k, student loans of $150k may seem like an impossible challenge.
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