Elimination of Debtwhilst Improving Credit.docx

Elimination of Debtwhilst Improving Credit.docx - Kammerer...

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Kammerer 1 Elimination of Debt whilst Improving Credit Name Course Instructor 24/07/17 Introduction Student loan debt has risen in the recent years from about $480 billion in the first quarter of 2006 to over $1,300 billion in the third quarter in 2006. This is very high margin compared with the number of students that is there in the United States of America. This is according statistical report by FRED, ("U.S. Student Loan Debt Statistics for 2017"). According to the economist, in 2014, the students’ loans shot to over $1 trillion, which translated to over seven millions debtors being in default. The emerging problem in the United States at the moment is the financial credit problem it is experiencing. The students’ loans debt is the rise and the graduate and attending are mostly being listed as defaulters. In this research paper, the topic will be to establish ways of how to eliminate the debt whilst improving the debt in the United States, ("U.S. Student Loan Debt Statistics for 2017"). Students loan is a debt that student owes the lending institutions. The students who can owe these institutions are the graduates, withdrawn or attending. In the United States, the public universities had to increase fees by 27% for over 5 years which ended in 2012. This is a 20% adjustment for inflation. In 2013, there were around 37 million students that were loan borrowers, ("U.S. Student Loan Debt Statistics for 2017").
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Kammerer 2 Describe Ways to Reduce Debt In personal finance, it is best if an individual mechanized a way of managing his or her own credit and keeping clean and effective credit statements, (Collinge 106 ). Especially in United State, improving credit is the best way to manage funds. This falls under credit management. Taking the side of the client or the customer, it calls for addressing ways on how to control the situation and finding a lasting solution, (Shriver). Discussing the ways
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