Student loans have a unique place in the world of debt: Unlike credit card or gambling debt that can be reduced, or a mortgage where the homeowner as a last resort can walk away, there is no mechanism for simply getting rid of student loan debt. (Though there are bankruptcy law strategies for dealing with it.)
And according to a post on The Wall Street Journal’s blog The Juggle, this indisposable aspect of student loan debt is taking its toll on our society and our economy. Especially in the current recession where many people with college and gradute degrees are unable to find jobs after incurring significant amounts of student debt.
What is the ripple effect of student loan debt? People are working jobs they might not otherwise take, calling to mind the concept of indentured servitude. People are putting off major life decisions like marriage and having children. Related debt problems may harm credit scores, preventing people from buying homes or cars. And calls from credit collection agencies who take over the payment collection for student loan debt add even more stress.
The post notes that in the current economic climate, there’s been a fairly passionate reaction to student loans. There’s even now a Facebook group called Forgive Student Loan Debt with over 27,000 members and its own website.
If you’re struggling with student loan debt, clearly you’re not alone.
And if you’re tired of “juggling” your debts–whether student loan, credit card, mortgage, medical or other–and ready to work with good bankruptcy attorneys in Las Vegas who can really help, we encourage you contact us for a free initial consultation. You can discuss your situation over the phone or meet with a Haines & Krieger attorney in person in our Las Vegas bankruptcy law office.