Wednesday, July 23, 2008

debts to pay

The future for young Americans (18-35 set) does often look and feel bleak in economic terms. We talk alot about the financial struggles of being an artist but it really is a much wider net. Financial insecurity for young people is the core of American economics. It is a perversion of the highest order for the world's wealthiest nation. Take a look at some statistics below and realize who you must vote for in November and the importance of getting involved anyway you can locally and at the State level.

A poll done for Qvisory, an online advocacy organization aimed at helping young adults manage economic and lifestyle issues, revealed that the results of conservative economic policies have taken a severe tool on people between the ages of 18 and 35. In the Greenberg Quinlan Rosner Research poll :

• Fifty-five percent said that their finances, the economic squeeze and money are their biggest problems. Young people simply do not believe they have enough money to keep pace with the cost of living.

• Forty-eight percent of young people worry frequently about making ends meet, and another 38 percent worry at least occasionally about making ends meet. Thirty-seven percent of parents also worry frequently about their children being able to make ends meet.

• The percentage of young people holding almost every form of debt, other than mortgages and auto loans, is up from 2007. That includes credit card debt (52 percent, up from 49 percent), student loans (37 percent, up from 31 percent), unpaid medical bills (28 percent, up from 23 percent), loans from parents (20 percent, up from 12 percent) and payday loans (6 percent, up from 4 percent).

• A small, but significant, minority report having their phone, cable or utilities cut off because they failed to pay their bill (19 percent) or have had their credit revoked, including a repossession or card cancellation (15 percent), in the last year. A large number of young people say they only pay the minimum monthly amount on their credit cards (57 percent) or that they have paid a late fee on a card (36 percent) in the past year.
now consider how the "drunken" Wall street cronies have fared over the last 20 years under predominantly GOP leadership. A group that not only has consolidated unprecented wealth, but is currently being bailed AGAIN by the taxpayer to the tune of billions. Can some one remind me why regulation is bad?

According to IRS data, “the richest 1% of Americans in 2006 garnered the highest share of the nation’s adjusted gross income for two decades” and “possibly the highest since 1929.” Meanwhile, “the average tax rate of the wealthiest 1% fell to its lowest level in at least 18 years.”


Anonymous said...

Payday Loans are great! They can be repaid quickly, require minimal paperwork and get you the cash you need.

Eileen Quigley said...

It's true that the government plays a large role in shaping the economic landscape we face, so people should definitely get out and vote in November.

In addition to providing tools to help young adults manage their debt, Qvisory is also committed to advocating on their behalf to make sure their voices are heard where it matters most – for example, on the issue of credit card company reform. Thanks for helping to engage young people in this important discussion. (And, I hope your readers will not take the advice of the previous commenter – payday loans are NOT what young people need!)

Eileen Quigley, Qvisory