New York City which is popular across the world for making its presence in fiction, movies, songs etc, is the melting pot of all the cultures. It has taken 21 million people under its wings. It is the largest metro of America. It has fast paced life and it pulsates with it 24X7. It is the city that always remains awake. It has mesmerized many and people who want to follow their dreams and stretch their limits get gravitated towards it. No wonder 200 languages are spoken in this city. It is believed that it gives you a real time experience and the one who can survive here can learn to survive anywhere.
The lure of the city has attracted many unskilled laborers but they are not required so they add to the unemployment and poverty. Half of the budget of the city goes in supporting poor people. Poverty is expensive affair for New York. As it is a big city so crime is bound to be there. It is believed half of the drug addicts of the whole USA live in New York, they too are responsible for incidents of loot and snatching. The other major problem that more than half of the New Yorkers are dragging with them is student loan. According to the research every one person out of five is under Student loan debt. $ 90 billion debt has accrued under student loan title. Nearly 50% of youngsters owe student’s debt. Even the older generation, who are in the last phase of their lives are infested with student debt. It is quite shocking that the people in their 80s have not been able to payback debt which they used in 20s
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The government should step in to improve the condition of the borrowers. The way it has banned the payday loans in New York, similarly it has been proposed that the student loan lending companies will run their business only if they have license, they need to abide by the rules framed by the government.
PAY DAY LOAN BANNED IN NEW YORK
Online Payday loan is a short term loan which a person has to repay by his next pay day. The amount of the loan can vary from $100 to $500 and the borrower is to return it within two weeks. The interest charged is very high and most of the times the people go for another loan and the vicious circle starts and they have to pay hefty amount to get over with it. The private money lenders made consumer paid through their nose, so it was banned by the government in some cities.
OPTIONS FOR DIFFERENT TYPES OF LOANS
In today’s world with ever rising cost of living, it is not possible to survive without financial help taken. So New Yorkers too need finances to live and here are the options they can opt for.
This is the loan in which the money is provided to the borrower in a single go but he is required to return in installments.
UNDER THIS CANOPY COMES VARIOUS TYPES OF LOANS.
Mortgage are used by consumers to purchase home. It is a long term loan and the most common is fixed rate mortgage which gets extended to 30 years with fixed monthly installments. There is mortgage which extends to 15-20 years but it is not generally popular because the monthly rate comes out to be very high.
Most students borrow loan to finance their education as higher education is the costliest thing and New Yorkers are badly in debt of Student loan. There are mainly two types of Student Loans
Subsidized loan is meant for students with greatest financial need and for this the Government makes interest payments while the student is still in school. The unsubsidized loans are normally opted by undergraduate students who are still dependent on their parents. They are allowed to borrow $31,000 over the course of their career. The student loans are available with individual lenders too but there interest rates vary.