Chicago suburbs, by flikr user Scorpions and Centaurs
American student loan debt totals nearly one trillion dollars. These loans break down to about $23,300 owed by each borrower. Changing Gears has been reporting on the effects of that debt and what it takes to pay it off.
We want to know how student debt affects big purchasing decisions. Are you ready to buy a house? And if so, can you get a mortgage?
Kate Davidson
Matt Ghazal runs a Buy Here-Pay Here business in West Michigan. He's trying to change the sector's reputation.
In the Midwest, it’s hard to get around without a car. These days, people are holding onto them longer. The average vehicle is almost 11 years old and used cars prices are on the rise. All this adds to the pressure on the bottom rung of consumers: people with bad credit. For many, the only way to finance a car is at a Buy Here-Pay Here lot. Here, dealers loan to deep subprime customers at interest rates up to 25%.
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Continue readingMany people took a hit to their credit rating during the recession. For some, it’s because they took pay cuts or lost their jobs, making them late on payments. Others saw credit scores plunge due to short sales and foreclosures. We’d like to know how lower credit ratings are affecting your life.
the elements of a credit score
Let us know if you’ve seen your credit rating go down, and what the implications have been.
We’d also like to hear from you if you’ve had to use one of those “buy here-pay here” used car lots, where pretty much anyone can get a loan, but the interest rates may be sky high. How was your purchase different than the way you’d bought a car in the past?
Changing Gears looks forward to hearing from you.
