Debt is a problem that reached historic levels in the last decade. The collapse of the subprime mortgage market triggered a massive recession that dried up the economies of several jurisdictions, including New Hampshire. Residents of the Granite State may expect to carry more than the national average of several types of debt.
One of the most widespread and serious types of debt is student debt, acquired while people spend on their education with private and public loans. Student debt can cause several aftereffects, like long-term financial troubles and loss of required assets like homes and vehicles. The average student in the state is not exactly living free, as he or she can expect to bear $32,000 in debt.
The government recently made an attempt to ease student debt burdens with a statewide debt relief program. Some details of the project also focus on developing the workforce, insuring that people in New Hampshire do not have to leave to find the work for which they are qualified. A segment addresses noncollegiate work training in the hopes of reducing citizens’ reliance on student loans as a way of expanding career options.
“The sooner you have students out from underneath the debt, the sooner they can purchase property in the state,” said one student in the state university system.
People and families suffering with extreme debt may need the help of an attorney to deal with creditors or prepare to declare bankruptcy. Legal representation is useful when people are considering bigger options for changing their debt status and beginning the path to financial health.