This year, however, Plauché is worried about how much she can afford to spend on gifts. Her main struggle? Student loan payments.
“It just doesn’t leave much room for anything outside of just basic necessities,” said Plauché, a 23-year old tech sales manager from Dallas, Texas.
Marisa Johnson, 26, has approximately $145,000 in student loan debt from both her bachelor’s and master’s degrees. Since the COVID-era payment pause ended in October, she’s been paying back $300 a month while she waits to see if she’ll be enrolled in a new income-driven repayment plan.
Because all of her money is going to necessities and paying back her student loans, Johnson hasn’t been able to spend as much on gifts as in previous years.
“I’ve mostly been trying to think of affordable gifts or combining gifts with my older sister,” said Johnson, a non-profit worker in Citrus Heights, California.
Plauché and Johnson are just two of the millions of people who had to start paying back student loans after the Biden administration ended the three-year payment pause.
“We know that the holidays are often a very joyful time of the year and an expensive one every year,” said Courtney Alev, consumer financial advocate at Credit Karma. “With federal student loan payments just resuming, it’s going to add another often very significant line item into holiday budgets.”
If student loan payments are cutting into what used to be your holiday budget, here are some recommendations:
THE PRESSURE IS REAL
From family expectations to social media and TV ads showing lavish gifts, many people feel that the only way they can show love is to spend a lot of money.
This story is from the Techlife News #634 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Techlife News #634 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
AUSTRALIA SHOULD DELAY SOCIAL MEDIA BAN FOR CHILDREN UNDER 16. BIG TECH SAYS
An advocate for major social media platforms told an Australian Senate committee that laws to ban children younger than 16 from the sites should be delayed until next year at least instead of being rushed through the Parliament.
APPLE AND GOOGLE FACE UK INVESTIGATION INTO MOBILE BROWSER DOMINANCE
Apple and Google aren’t giving consumers a genuine choice of mobile web browsers, a British watchdog said in a report that recommends they face an investigation under new U.K. digital rules taking effect next year.
DIRECTV CALLS OFF ACQUISITION OF RIVAL DISH, POSSIBLY ENDING A YEARSLONG PURSUIT
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
THE PSYCHOLOGY OF RETIREMENT INCOME: FROM SAVING TO SPENDING
The narrative of a miserly, Scrooge-like figure hoarding his wealth for years instead of enjoying his retirement might seem unbelievable—but unfortunately, it isn’t relegated only to fiction. It’s a cold reality for many retirees.
'BUY NOW, PAY LATER' IS MORE POPULAR THAN EVER. IT CAN COST MORE THAN YOU THINK
More shoppers than ever are on track to use ‘buy now, pay later’ plans this holiday season, as the ability to spread out payments looks attractive at a time when Americans still feel the lingering effect of inflation and already have record-high credit card debt.
IS 'GLICKED' THE NEW 'BARBENHEIMER'? 'WICKED' AND 'GLADIATOR II' COLLIDE IN THEATERS
“Barbenheimer” was a phenomenon impossible to manufacture. But, more than a year later, that hasn’t stopped people from trying to make “Glicked” — or even “Babyratu” — happen.
ELECTRIC CAR SALES ARE SLOWING IN THE US AND EUROPE AS BOTH FANS AND SKEPTICS SHARE CONCERNS
While sales of electric vehicles surge in China, adoption of more environmentally friendly vehicles is stumbling in the United States and Europe as carmakers and governments struggle to meet years-old promises about affordability and charging stations.
FEDERAL PROSECUTORS SEEK RECORDS FROM COMPANY THAT DEPLOYED AI WEAPONS SCANNER ON NYC SUBWAY
Federal investigators in New York are seeking records from the manufacturer of an AI-powered weapons scanner that was briefly deployed this summer in New York City’s subway system.
BIDEN ADMINISTRATION TO LOAN $6.6B TO EV MAKER RIVIAN TO BUILD GEORGIA FACTORY THAT AUTOMAKER PAUSED
President Joe Biden's administration announced this week that the U.S. Department of Energy will make a $6.6 billion loan to Rivian Automotive to build a factory in Georgia that had stalled as the startup electric vehicle maker struggled to become profitable.
RANSOMWARE ATTACK ON SOFTWARE SUPPLIER DISRUPTS OPERATIONS FOR STARBUCKS AND OTHER RETAILERS
A ransomware attack that hit a major software provider last week caused disruptions for a handful of companies over recent days, from Starbucks to U.K. grocery giant Morrisons.
