Wednesday
Apr082009
Website helps youth say "NO" to debt
Wednesday, April 8, 2009 at 5:51PM
by Christina Lovato, University of New Mexico-Talk Radio News Service
A new health and financial site focused towards young adults from ages 18-34, gives resources and information that they won’t learn in school.
Anna Greenburg, the Senior Vice President of Greenberg Quinlan Rosner Research, said that younger people are suffering worse from the economic situation than older people except in regard to retirement and investment income because they don’t have any.
“Even though this recession is affecting everybody the way it affects young people has the potential impact to affect what their financial lives look like 20, 30 and 40 years from now.”
Greenburg also said that younger people are facing the highest unemployment rate out of every group.
“You got sort of a double whammy with younger people. Their both more likely to be unemployed, more likely to work part time and if you work part time, more likely to have your hours cut back and your wages cut.”
In the study “Young People: Trying to Weather a Recession” conducted by Greenburg Quinlan Rosner Research and Qvisory.org, 19% of young adults say they are unemployed or looking for work compared to only 7% of adults ages 30 and over.
The study also found that in 2008, 37% of young people reported having more than $5,000 in debt, excluding amounts from mortgages and student loans.
A new website called Qvisory.org, that was launched in October 2008, is hoping to provide resources and information for young adults that they are not learning in the classrooms.
Gina Glantz, the Qvisory Treasurer said that America’s younger generation is in jeopardy.
“They don’t feel well represented in the halls of power and they like most Americans have grown to distrust their financial institution.”
Glantz said that now more than ever young adults need guidance because they are suffering the most.
“They need trusted resources and a navigation system to help them secure their health and financial well being and have a chance at the American dream.”
Qvisory is a non-profit organization that has a $36 per year membership fee that includes services like the distribution of pre-paid cards, a COBRA (Consolidated Omnibus Budget Reconciliation Act) information center, a low-cost dental insurance program, a combination of employee assistance programs, and free telephone and online services.
“There is a no more important time for young people to find the resources and information they need to survive the situation they find themselves in,” concluded Glantz.
A new health and financial site focused towards young adults from ages 18-34, gives resources and information that they won’t learn in school.
Anna Greenburg, the Senior Vice President of Greenberg Quinlan Rosner Research, said that younger people are suffering worse from the economic situation than older people except in regard to retirement and investment income because they don’t have any.
“Even though this recession is affecting everybody the way it affects young people has the potential impact to affect what their financial lives look like 20, 30 and 40 years from now.”
Greenburg also said that younger people are facing the highest unemployment rate out of every group.
“You got sort of a double whammy with younger people. Their both more likely to be unemployed, more likely to work part time and if you work part time, more likely to have your hours cut back and your wages cut.”
In the study “Young People: Trying to Weather a Recession” conducted by Greenburg Quinlan Rosner Research and Qvisory.org, 19% of young adults say they are unemployed or looking for work compared to only 7% of adults ages 30 and over.
The study also found that in 2008, 37% of young people reported having more than $5,000 in debt, excluding amounts from mortgages and student loans.
A new website called Qvisory.org, that was launched in October 2008, is hoping to provide resources and information for young adults that they are not learning in the classrooms.
Gina Glantz, the Qvisory Treasurer said that America’s younger generation is in jeopardy.
“They don’t feel well represented in the halls of power and they like most Americans have grown to distrust their financial institution.”
Glantz said that now more than ever young adults need guidance because they are suffering the most.
“They need trusted resources and a navigation system to help them secure their health and financial well being and have a chance at the American dream.”
Qvisory is a non-profit organization that has a $36 per year membership fee that includes services like the distribution of pre-paid cards, a COBRA (Consolidated Omnibus Budget Reconciliation Act) information center, a low-cost dental insurance program, a combination of employee assistance programs, and free telephone and online services.
“There is a no more important time for young people to find the resources and information they need to survive the situation they find themselves in,” concluded Glantz.
New Bill Could Give Bankrupt College Grads A Break
Some in the Senate are looking to give Americans struggling with bankruptcy a break on their student loans.
Under the current law students are not able to discharge their debt accumulated from private student loans during bankruptcy proceedings. New legislation, the Private Student Loan Bankruptcy Fairness Act of 2010, would take away the favored status of private loan companies and allow for the past due amounts to be forgiven, just like debt from credit cards.
Members of the Senate Judiciary Committee, who are looking into the issue, heard testimony Thursday from Valisha Cooks, a Los Angeles resident burdened by student loan payments.
“I don’t really have very many options,” said Cooks, who filed bankruptcy, due in part, she explained, to her large loan payments. “I continue to pay my loan, even though they are in default. I just can’t afford to pay what they are asking me to pay.”
The Fairness Act would make all loans, government or private, dischargeable during bankruptcy.