While every country would like to think of themselves as being ahead of the times setting the trends for the rest of the world to follow, it’s probably safe to say that the US is leading the race in many areas. After hearing about the new law that is set to be passed on July 1, 2012 in the US which would double the interest rates for student loans, we decided to do some extra digging to see how the average graduate is currently coping with their student loans and their other financial obligations. Let us just say that the figures are shocking! Another intresting fact is that the average payday loans debt in the UK is £1,400.
From what we were able to gather, the decision to pass this law was made 5 years ago and it’s supposed to be automatic, but there has been a lot of opposition. One of the most shocking figures we discovered was that there are Americans over the age of 60 who have still not been able to pay off all their debt and when totaled, their cumulative debt comes to a whopping $36 billion dollars! If the students of today cannot keep up with the current interest rates, is it really that smart to double them? If the US manages to pass this law, what does this mean for the UK’s own students and their loan repayments? Check out the infographic below to learn more about ‘The Life & Financial Times of The Average Joe.’
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