Are you one of the 1 in 5 Americans with more credit-card debt than savings?
Would you move to a city in Ohio to help pay off your student debt?
Read below to catch up on recent credit news and events.
City of Hamilton, Ohio offers recent grads $5,000 towards student loans to relocate
Recent college graduates with student loan debt may soon find themselves at home in a new city. Hamilton, Ohio plans to pay $5,000 to recent graduates with a science, technology, engineering, math, or arts degree. Graduates must have more than $5,000 of student loan debt to be eligible for the program.
The city hopes the program will attract new talent and help combat a growing poverty problem.
The program will be run by the Hamilton Community Foundation.
Applications open March 5, 2018.
1 in 5 Americans have more credit-card debt than emergency savings
A recent study by Bankrate revealed that 1 in 5 Americans has more credit-card debt than savings.
However, 58% of Americans had more in savings than in credit-card debt.
Other figures from the report include:
- 12% of those surveyed said they have no credit card debt or savings
- 61% of millennials prioritized building emergency savings
If you are a financial coach or credit counselor and have a client struggling to save under credit-card debt, Bankrate recommends advising clients to set up a direct deposit into a savings account. Clients can then use what is left of their income to focus on living expenses and credit-card debt.
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