Loans are the building blocks of our economy. Loans play a major role in financing. They are very essential to many of the businesses, homes and projects that happen daily in our community. Loans come in many forms. From home loans to auto loans to construction loans Milwaukee WI to business loans to personal loans to student loans, loans are the way many people pay for things. There is nothing wrong with have some minimal debt. As long as the debtor pays back what they owe, there should be no problem. But a problem begins to arise when someone is in debt and does not have the means to pay back what they owe. Foreclosures and repossessions are examples of what take place when someone cannot repay their debt.
In America today tens of millions of people are plagued with debt from student loans. This is an epidemic. More money is owed to a bank for college loans than for credit cards. What is even more serious is that every year more and more people are graduating from college without the jobs to pay back money they borrowed from college.
Millennials make up forty percent of the workforce. Millions are graduating every year. Unfortunately, many of these graduates with bachelor’s, master’s and doctoral degrees receive their diploma jobless. Many of these millennials are dealing with issues of not being able to find jobs that compensate them compared to national income average. In some cases, having a second or third degree does not get the attention of employers anymore. So many people have furthered their education to where it has become pretty normal for a job applicant to have multiple degrees.
University enrollment around the United States has dropped by ten percent. With more and more students graduating jobless and salaries not being as high as they use to be, some millennials are questioning if they want to attend college. Some are putting of college attended for a few years. Some are taking alternative routes in the workforce. Depending on the person and your interests, taking a non-traditional route may pay off better than getting a traditional, expensive degree that may or may not lead to employment.
With college tuition on the rise, growing student loan debt and the possibility of unemployment after college some millennials are looking for other means to make a living for themselves. Older generations may not understand why millennials are professional dog walkers, Uber drivers or launching a startup. Unlike former generations, millennials are not so quick to jump at a nine to five job opportunity that may be outside of their particular interests. Today’s largest generation is very interested in pursuing their passions. Those passions are usually non traditional. From book writing to startup company creation to gig work, millennials are forsaking the traditional paths their parents took. The fear of debt and unemployment has caused many of these young people to create a different route for themselves, which will hopefully pay off in due time.