The week of September 14th marked one of the worst weeks in stock market history since 9/11. The collapse of Lehman Brothers, the buyout of Merrill Lynch, and concerns about AIG have thrown our economy into a loop. As a nation we are over 400 trillion dollars in debt and the Federal government expects the economy to remain sluggish into next year. College students need to know the effect this will have on their future.
So what does this mean for college students? Because most of us rely on our parents for financial reasons while we are away at school we do not feel the need to have a credit card and usually that is ok, but due to the recent fall in economy getting a credit card has gotten a lot harder. In fact just a few months ago I was personally denied by Bank of America while trying to open a student credit card, so how exactly am I suppose to establish credit? Student loans will also become a problem for some people. As the economy weakens and credit tightens the number of education loans decrease because the credit requirement is becoming more strict. What about the job industry? There are many major companies in jeopardy not just the three I mentioned. This means that more and more employees are being laid off every day. Being a young inexperienced recent graduate it will be a lot harder for me and other college students to enter the job market.
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