The month of May signifies commencement of a new class of college graduates. It is an academic accomplishment worth celebrating. If you are one of the lucky ones, you will start work in a career in your field shortly after graduation. However, many young people graduating college this year will find jobs were they are not using their degrees, are underpaid and overqualified. This new reality will probably hit home within a year when the tens of thousands of dollars in student loans they took out come due.
While these loans cannot be discharged through personal bankruptcy in many cases, they can many times contribute to a grim financial situation. This harsh financial reality may cause some people to use credit to purchase necessary living supplies, take out personal loans for car repairs, and hope that one day soon they will find gainful employment and be able to do a financial one-eighty. For those that aren't lucky enough to find the employment they need to regain financial footing, personal bankruptcy may be an option for debt, other than student loans.
Since student loan payments often become a large chunk of a person's paycheck, they may not have the money to pay for other living expenses. The constant charging of necessary items may mean a person isn't able to make their monthly payments. Once a financial situation gets out of control, it might be helpful to speak with a personal bankruptcy attorney to see how filing for bankruptcy can help your debt situation.
With many people still working to pay off their student loans well into middle-age, asking for financial help isn't something to be ashamed of. Many people are falling into uncontrollable debt because of a poor economy and poor job market.
Source: The Huffington Post