The United States of America is recognized to be one of the most democratic nations in the world. The system respects every citizen's freedom. However, sometimes freedom comes with a very high price. The financial and tragic case of Americans' debts has turned into a long-term problem for many people living in the country.
This article intends to analyze the most common types of debts for the American household, as well as the reasons behind this phenomenon, along with the solution the real estate market offers.
The high school education system in the United States isn't well known for its efficiency. On the other side of the coin, the country possesses most of the most reputable universities worldwide. To balance education among all students, college is the solution for those who wish to pursue undergraduate degrees.
Colleges and universities around the country are not only supposed to have high teaching standards and consistent above-average results; additionally, they must create an aesthetically pleasing environment for students to achieve what is expected of them: greatness.
For the reasons mentioned above, the term "student debt" is well known among American citizens. It's become so well known that the term can be understood by people all around the world.
The problem with student debt is that some students acquire debt without ever completing graduation. In contrast, others collect more debt than they can afford to repay, given their career choices.
Another downside of student debt is that most people acquire it when they are young before fully realizing the implications of their decision. Furthermore, unlike other types of debt, student debt is rarely dischargeable in bankruptcy unless there is a compelling reason.
According to the Federal Reserve, the central bank of the United States, more than 60% of borrowers under age 40 haven't still paid off their student debts.
Living in the United States is costly, in general terms. The ideal living expectation is to have a job that can provide you long-term financial stability so you can afford to live a comfortable life. Nonetheless, since the pandemic started, the economy has hit all levels in society.
The US has invested millions of dollars in controlling the pandemic nationwide; conversely, seeing the crisis from a local perspective, this issue has led many families without a job, living up to the government's help.
Unfortunately, even when receiving the government's financial support, American families can't manage their expenses. One of many reasons, perhaps the most challenging one, is mortgage debt. Many people have been driven into bankruptcy or foreclosure because they could not meet their financial responsibilities or provide for their families.
More people acquired mortgage debt in recent years due to the overall improvement of the real estate market after the 2008 crisis. However, with the recent pandemic that has left many with no income, these debts continue to pile up and even lead to foreclosure.
Nowadays, the real estate market has become more innovative than ever before. Home buying companies will buy a house with no hidden fees from the seller. This means that if you have more than one house and need to pay off your mortgage, student loan, or any debt, you can get debt-free cash quickly.
These companies aren't the usual real estate agents but straightforward agencies that will make you an offer for a property, no matter how damaged it is, no matter if the owner is going through foreclosure, or if the property is located in a bad neighborhood. Home buying companies can help homeowners solve this type of problem and find a way out from debts by getting cash within 7 days.