I actually found out about the Equifax data breach on Twitter (because, you know, that’s where I get all my news), and while many brushed this off as another case of potential identity theft in a time of many, I knew it was so much more than that. And it got even worse when I verified that I was one of the 143 million people who had had their information compromised. Oy vey.
I know most of you think your credit score isn’t a sexy topic, but did you know having a crappy one could potentially cost you a year’s salary?
When I bought my home in 2013, we were just beginning the incline out of the recession that had blindsided (most of) us in 2008. It was a buyer’s market, meaning homes were priced to sell and there were a lot of the market. On top of that, my credit score was sitting pretty in the high 700s, meaning I qualified for the lowest interest rate on my mortgage. Did I know prior to that point how much money that score saved me? Absolutely not. But when I started crunching the numbers on my house situation, I soon found it.
Guess which generation has been burdened with the most student loan debt in history? Yep, we millennials. And it’s not getting any better.
We owe $1.3 trillion in student loans alone (and that’s not even getting into auto or credit card debt) with an average balance of $28,400 per borrower. 60% of all students who graduate college do so with student loans to repay. And 11.8% of us are defaulting on those loans (which, by the way, you have to repay no matter what – bankruptcy can’t even get you out of those). Even for those of us blessed with graduating without any, we see the strain on the people we date, our best friends, our family members and feel the pressure to save for the ungodly amount our children will undoubtedly need. How’s that for a positive outlook?