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Survey reveals regret among students over loans Atlanta, GA

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Survey reveals regret among students over loans

Ira and Jamie Gingold Bankruptcy Attorneys in Atlanta GA

A recent survey by Wells Fargo Bank showed a surprising amount of regret among college graduates, many of whom said that they would be in a better financial situation today if they had chosen to go right to work instead of attending college and taking out student loans.

The total amount of outstanding student loans in the United States has exceeded $1 trillion. This incredibly high amount of debt makes it harder for people with student loans to obtain favorable credit card rates, mortgages, and car loans. The high payment amounts and interest rates also cause long-term financial hardship as many people are unable to maintain timely payments on all of their various types of debt. While student loans cannot typically be discharged during a bankruptcy proceeding, some people are finding relief by filing for bankruptcy and discharging or refinancing credit card debt and mortgage debt.

The survey asked people between the ages of 22 and 32 (the millennial generation) what they would do if they were given $10,000 suddenly and a majority said that the first thing they would do is pay off student debt and credit card debt.

Often bankruptcy is seen from the outside as a way to shirk responsibiltiy from previously undertaken obgliations. However, the above fact points out something important that many people overlook when they consider bankruptcy filing – people in general wish that they were able to afford to pay off their debt but they simply cannot, no matter how you do the math. 

54 percent of millennials surveyed said that their debt in general is their more serious financial concern. Just under half told surveyors that their debt was “overwhelming.”

Source: Forbes, “Student Loan Problems: One Third of Millennials Regret Going to College,” Halal Touryalai, May 22, 2013

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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