Student Loan Debt Delinquency Is Way Worse Than We Thought

Last week the Federal Reserve Bank of New York (FRBNY) reported that the amount of college grads who are behind on their student loan payments is much higher than we previously thought.

Ummm way higher..

Like up from 14% to 27%, with 37 million people owing an average of $23,300.

Holy shit!

I guess they recalculated the previous study by taking out certain groups that throw off the numbers.

You might remember that in October 2011 the FRBNY predicted that the student loan mark would exceed $1 Trillion dollars in 2012.

http://alexadivett.com/student-loan-debt-to-top-1-trillion/

That’s all well and good and I’m pretty sure we’re at the trillion dollar mark.

But to me this is the scariest shit of all:

While the average American has been paying down his or her credit card and auto loans, total outstanding school loan debt has doubled in the last five years.

Not scared yet?

How about the fact that you can’t declare bankruptcy with these loans the way you can with credit card or mortgage debt?

Meaning you can’t protect yourself, you owe this FOREVER.

Fuck!

Look, I know that some of us think that world might end pretty soon.  And, it might.  But it might not!

And, let me clarify what I mean about the world ending.  I’m not talking about a Will Smith movie or some sort of Hollywood Armageddon, I’m talking about the end of the social, political and economic world as we know it.

There’s a chance that inflation could be so bad that your loans won’t even be worth what you owe.  There’s a chance that the entire global banking system and economy could collapse and you could owe nothing.

But there’s a much bigger chance that you’ll still owe what you borrowed or maybe more with increasing interest rates.

And let’s not forget what’s actually going on in the economy right now..

Our age group is sort of screwed right now with massive unemployment and underemployment.  So it’s no real surprise that 27% of people are delinquent on their loan payments.

But, I’m here to tell you that there is a better way.  If you have the entrepreneurial spirit, meaning you think there is life outside of a cubicle or a stupid dead-end job, and you’re willing to do what it takes to become successful, there is no reason why you cannot create the same freedom of time and money that people like myself are enjoying.

I will admit that starting out on the Internet can be fucking freaky!  There are so many wanna-be gurus and experts just waiting to take your hard earned money with empty promises of riches.  It’s hard to know who to trust or what to do to get started.

But with the right mentor(s), training, attitude and discipline it’s all very possible.

Here is one thing you can do today to help you move forward (this might be redundant if you’ve been following me lately).

Turn off the damn TV and READ.  Whoa? Seriously?  Yeah seriously, read an effin book.

I’ve been harping on this lately because it’s really important.  I made a video last week detailing some kick-ass books to help you get started online.

In case you haven’t seen the video here’s the skinny:

Two books you should read right now!

1- You Don’t Need A Job You Need Guts by the kick-ass, force-to-be-reckon with Ashley Ambirge of the Middle Finger Project.  This chick is super rad and she knows what she’s talking about.

2- The Compound Effect by Darren Hardy.  A great book teaching you how to multiply your successes through consistent daily action.

Both of these books are available halfway down the right side of the blog.

And, if you haven’t already done so, request a copy of my groundbreaking report, How To Build Your Online Empire in 5 Easy Steps by giving me your name and email at the top right corner of the blog.

The report is FREE, the information is priceless.

Wait, did I just become the Mastercard commercial?

So here’s the deal, if you owe a ton of money in school loans and the world doesn’t end, you’re going to have to figure out a way to pay them off.

And, if you know that you’re worth more than trading your precious time for not enough dollars to get ahead, then you need to take the bull by the horns and create your destiny.

Take the first step toward the freedom of time and money you deserve by reading a few amazing books.

I don’t think you’ll be sorry that you did.