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Sometimes it helps to look beyond our borders for solutions to the troubled messes at home. As we know, student loans outstanding total roughly $830 billion in the U.S., more than total credit card debt. More alarming is the fact that many student loan borrowers are in default and unable to repay. Recent data obtained by the Chronicle of Higher Education found that 20% of federal student loans that entered repayment in 1995 have since gone into default. Another study concludes only 37% of college graduates in 2005 have been able to pay their student loan bills on time every month.

India has its fair share of problems with student loans, as well; this year alone, the country reported a 45% rise in bad loans. To help control matters, Indian banks want to grade educational institutions based on the efficiency and repayment history of their students, according to Mint, a daily newspaper in India. In effect, colleges and universities with low ratings—as well as their prospective and current students—may be banned from the student loan market. In o

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The folks in Washington are doing a lot of grandstanding about raising the debt ceiling. I’m all for fiscal responsibility, but what the politicians aren’t grasping is what happens to all of us “regular people” if the ceiling isn’t raised.

If the U.S. defaults, it’s predicted that our AAA credit rating goes down. Should that happen, the U.S. would then have to pay more to borrow money. This makes sense, right? If you, the consumer, don’t pay your bills, then your credit score goes down and you pay a higher interest rate to borrow money.

So if the U.S. has to pay more to borrow, the prime rate that banks pay to borrow money to lend out to consumers goes up. And guess what happens when this increase makes it all the way down the food chain to the consumer? The vast majority of credit cards have variable rates and they go up and down with the prime rate. So if the prime rate goes up, your variable rate goes up by the same amount.

If you’re hoping that the Credit CARD Act of 2009 will protect you, don’t count on it. Even if you’ve ha

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Establishing credit in your own name is important and entities from mortgage and auto lenders to utilities companies and employers will use your credit history to weigh their decisions. For this reason, it’s important to have at least one credit account in your name to begin building a credit history.

You may already have credit in your name if you’ve opened a credit card account or taken out a loan in the past seven years. If this is the case, pull a copy of your credit report to examine where your accounts stand. However, if you have no lines of credit in your file, consider opening a secured credit card. You may qualify for a traditional credit card, but without a lengthy credit history, you may be required to pay higher interest rates. Secured cards, in contrast, are geared more toward first-time borrowers.

Whether you opt for a traditional or secured credit card, make sure you manage your account responsibly. Avo

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The Obama administration is reportedly working with House Speaker John Boehner to close on a budget deal intended to ward off a debt default. What would a debt default mean for everyday Americans? I’ve listed out five scenarios below. Can somebody say double-dip recession?

1. Higher Taxes

In order to pay down its $14.3 trillion balance, the government would either need to cut spending in some programs and/or raise taxes (according to The New York Times the budget plan under consideration would do both). Consider this: Tax collections are at their lowest level in about 50 years, according to a report earlier this year in USA Today.

2. Public Sector Layoffs

Just like corporations downsize when struggling with cash flow, the U.S. government would probably eliminate federal employees from its payroll, in the event of a debt default. In addition to raising taxes, Uncle Sam would need to reduce spending. T

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Today’s top news headlines feature methods parents are using to make back-to-school shopping more affordable and Americans weigh in on the most pressing economic issues. Plus, find out how homeowners are reacting to falling property values.

Parents Plan To Curb Spending On School Supplies This Fall Reuters Consumers continue to pare down their spending, and this year’s back-to-school shopping season may be affected by this trend, a new study reveals. America’s Research Group revealed 65 percent of parents will spend the same amount of money or less on school items as they did last year. In addition, 43 percent of parents will wait one or two weeks before classes start to begin shopping in hopes that most items will be on sale.

Homeowners Have Difficulty Accepting Falling Home Values, Study Shows The New York Times A recent Zillow study shows many homeowners are disillusioned with the housing market, as many are overpricing their homes. Indiv

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Today’s top news headlines feature states that spend the most on healthcare for the impoverished and new consumer confidence statistics. Plus, find out why the mancession may be rapidly coming to an end.

Mancession Takes A Dramatic Turn For The Better Fortune New data from the Pew Research Center reveals men are outpacing women when it comes to securing new positions, and are also beginning to take on jobs that were traditionally geared toward females. As an example, analysts show the number of men graduating from nursing school has risen significantly. The study also revealed that male job growth exceeded that of females in 15 out of 16 economic sectors.

Consumer Confidence Hits New Lows Reuters A recent study shows Americans’ confidence in the economy fell to lower levels than those recorded at the height of the global recession, indicating consumers remain apprehensive about the United States’ recovery. In ad

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