Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college

“If you’re in that realm, you’re going to have problems in the long-run.” It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future. But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college. “If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, tha


“If you’re in that realm, you’re going to have problems in the long-run.” It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future. But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college. “If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, tha
Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
Keywords: news, cnbc, companies, taking, institute, work, equation, students, clayton, school, student, christensen, college, borrow, youre, going, cofounder, schools, reveals, debt


Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college

“You really want to be mindful that you’re not crossing that threshold of payments that are just going to crush your income because they’re taking up, say, 20, 30% of your monthly paycheck,” he says. “If you’re in that realm, you’re going to have problems in the long-run.”

It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future.

“As students look at the equation for how much they should borrow when they go to college, they ought to be thinking of the total debt that they take on as not being more than 10 to 15% of what their earnings are going to be when they leave college,” says Horn.

But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college.

The cost of attending college today is a daunting prospect. According to the College Board’s 2018 Trends in College Pricing Report , from 1988 to 2018, sticker prices tripled at public four-year schools and doubled at public two-year and private non-profit four-year schools, and many students use some kind of student loan to finance their degrees.

Students should think about what they want to study, research how much graduates at a given school in that major make, and not take on more than 10 to 15% of that amount in debt.

For example, according to PayScale, the average salary for an individual with a Bachelor of Engineering degree from New York University is about $91,296 per year. That means a student could plan to take on up to $13,694 (roughly 15% of their projected future salary) in loans to finance this degree.

However, the average salary for a worker with a Bachelor of Social Work degree from New York University is about $50,008 per year, so based on Horn’s recommendation, students should only take on about $7,501 in loans. Additionally, many social work opportunities require students to earn additional accreditation such as a master’s degree, and students should consider these costs as well.

Of course, this math is dependent on a student having a clear understanding of what they plan to pursue after college, something that can be challenging for many young people. Other factors students need to consider include a school’s reputation for graduating successful alumni, as well as its rate of on-time graduations.

“If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, that’s probably a reasonable investment,” says Horn. “If you’re going to a bottom-third law school, a question you ought to be asking yourself is, ‘Is this worth it?’

“The most crippling debt is when you don’t complete. If [students] don’t complete, it can be crippling because they’re not going to have the wage bump from getting that college credential and so you’re going to be earning roughly as much as someone with a high school diploma is, but you have taken out $10,000 in debt.”

Horn emphasizes that debt totals have a significant impact on the financial lives of borrowers.

“Paying not just the debt back but also the interest on top of it, that can be really punishing to make the books work as you’re trying to think through raising a family, owning a home maybe in the future and other life decisions.”

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Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
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Nearly half of students at five top MBA programs borrow at least $100,000 to finance their degree

Bloomberg Businessweek surveyed more than 10,000 2018 graduates of MBA programs from 126 schools about the amount of debt they piled on earning their degrees. The survey found that almost half of students at leading business schools around the world borrowed at least $100,000 to finance their MBA. U.S. News says that, “among the 10 highest-ranked public B-schools, the average in-state tuition for full-time MBA students was slightly more than $42,000 per year.” 2 Stanford University, the average


Bloomberg Businessweek surveyed more than 10,000 2018 graduates of MBA programs from 126 schools about the amount of debt they piled on earning their degrees. The survey found that almost half of students at leading business schools around the world borrowed at least $100,000 to finance their MBA. U.S. News says that, “among the 10 highest-ranked public B-schools, the average in-state tuition for full-time MBA students was slightly more than $42,000 per year.” 2 Stanford University, the average
Nearly half of students at five top MBA programs borrow at least $100,000 to finance their degree Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: elizabeth gravier
Keywords: news, cnbc, companies, school, half, finance, survey, nearly, programs, 100000, graduates, borrow, business, degree, university, mba, schools, students, stanford


Nearly half of students at five top MBA programs borrow at least $100,000 to finance their degree

A degree from a top business school has long been seen as a direct path to a job at a top company, but new data demonstrates just how much it costs to pursue that route. Bloomberg Businessweek surveyed more than 10,000 2018 graduates of MBA programs from 126 schools about the amount of debt they piled on earning their degrees. The survey found that almost half of students at leading business schools around the world borrowed at least $100,000 to finance their MBA. According to the survey, at minimum 40% of MBA graduates from U.S. News & World Report’s top-ranking business programs — those at Duke, Dartmouth, University of Michigan, Cornell and University of Chicago — reported incurring at least $100,000 in debt. That percentage drops a bit at nine other top MBA programs – including those at MIT, University of Pennsylvania, NYU and Northwestern University – where around a third of recent graduates borrowed at least $100,000 to finance their degrees.

University of Michigan students are seen in the Stephen M. Ross School of Business in Ann Arbor Rebecca Cook | Reuters

Conventional wisdom has held that the price tag on an MBA, however high, tends to be worth it. According to U.S. News & World Report, tuition for traditional full-time (two year) MBA students surpassed $50,000 per year at the top 15 ranked MBA programs in the 2019 Best Business Schools rankings – with some schools exceeding $70,000 annually. Prices at public schools, particularly for in-state students, tend to be lower. U.S. News says that, “among the 10 highest-ranked public B-schools, the average in-state tuition for full-time MBA students was slightly more than $42,000 per year.” But Bloomberg’s survey results illustrate just how steep the debt eager entrepreneurs and executives undertake to advance their careers. Graduates of the 26 schools where at least 20% of students report having had to borrow six-figure sums disclose median starting pay ranging from $80,000 to $140,000. “The survey data puts into stark relief just how much of a return some students need to justify their debt-financed investment,” Bloomberg reports. Students see a clear connection between the cost of their degree and the benefit. Mike Sanchez, a 32-year-old investment banker at Citigroup and 2018 graduate of University of Chicago Booth School of Business, told Bloomberg that he didn’t consider the $110,000 in student loans he took out to finance the program a hindrance. Booth reports its median starting salary for last year’s graduates was $130,000. Based on a 2018 report by QS Quacquarelli Symonds, a higher education data and research company, U.S. News reported that, “within 10 years of earning an MBA degree, the average MBA grad from either a U.S. or international business school had an estimated decade-long return on investment of $390,751, even after subtracting the tuition and opportunity costs of attending an MBA program.” At top business schools, like No. 2 Stanford University, the average decade-long ROI of an MBA degree exceeds $1 million.

Graduating Stanford University students are shown before the start of the 123rd Stanford commencement ceremony, June 15, 2014, in Stanford, Calif. Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: elizabeth gravier
Keywords: news, cnbc, companies, school, half, finance, survey, nearly, programs, 100000, graduates, borrow, business, degree, university, mba, schools, students, stanford


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Powell says economic theory of unlimited borrowing supported by Ocasio-Cortez is just ‘wrong’

An increasingly popular theory espoused by progressives that the government can continue to borrow to fund social programs such as Medicare for everyone, free college tuition and a conversion to renewable energy in the next decade is unworkable, Federal Reserve Chairman Jerome Powell said Tuesday. “The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong,” Powell said during congressional testimony in the Senate. The notion behind what is call


An increasingly popular theory espoused by progressives that the government can continue to borrow to fund social programs such as Medicare for everyone, free college tuition and a conversion to renewable energy in the next decade is unworkable, Federal Reserve Chairman Jerome Powell said Tuesday. “The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong,” Powell said during congressional testimony in the Senate. The notion behind what is call
Powell says economic theory of unlimited borrowing supported by Ocasio-Cortez is just ‘wrong’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: jeff cox, joshua roberts, getty images
Keywords: news, cnbc, companies, mmt, unlimited, espoused, borrowing, ocasiocortez, unworkable, theory, borrow, wrong, vermontpowell, economic, supported, powell, tuition, wont


Powell says economic theory of unlimited borrowing supported by Ocasio-Cortez is just 'wrong'

An increasingly popular theory espoused by progressives that the government can continue to borrow to fund social programs such as Medicare for everyone, free college tuition and a conversion to renewable energy in the next decade is unworkable, Federal Reserve Chairman Jerome Powell said Tuesday.

“The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong,” Powell said during congressional testimony in the Senate.

The notion behind what is called “Modern Monetary Theory,” or MMT, is that as long as the Fed can keep interest rates low without sparking inflation, the national debt and budget deficit won’t be an issue. MMT has been espoused by politicians including Rep. Alexandria Ocasio-Cortez, D-N.Y., and Democratic presidential candidate Sen. Bernie Sanders of Vermont.

Powell conceded that he has not read up on the theory but said he has heard some “pretty extreme claims” about how it might be implemented.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: jeff cox, joshua roberts, getty images
Keywords: news, cnbc, companies, mmt, unlimited, espoused, borrowing, ocasiocortez, unworkable, theory, borrow, wrong, vermontpowell, economic, supported, powell, tuition, wont


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The best and worst ways to borrow money during the federal shutdown

In some cases, financial institutions that cater to federal workers and members of the military are offering furlough relief loans to help affected workers stay afloat in the short term. For example, the Congressional Federal Credit Union has a relief line of credit with an initial rate of 0 percent for 60 days. The Navy Federal Credit Union is also offering loans of up to $6,000 at 0 percent with no fees and no credit check to federal government employees and contractors for 60 days or until an


In some cases, financial institutions that cater to federal workers and members of the military are offering furlough relief loans to help affected workers stay afloat in the short term. For example, the Congressional Federal Credit Union has a relief line of credit with an initial rate of 0 percent for 60 days. The Navy Federal Credit Union is also offering loans of up to $6,000 at 0 percent with no fees and no credit check to federal government employees and contractors for 60 days or until an
The best and worst ways to borrow money during the federal shutdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: jessica dickler, getty images, patrick t fallon, bloomberg
Keywords: news, cnbc, companies, best, offer, worst, ways, military, borrow, shutdown, rate, money, union, relief, members, credit, offering, federal, workers


The best and worst ways to borrow money during the federal shutdown

In some cases, financial institutions that cater to federal workers and members of the military are offering furlough relief loans to help affected workers stay afloat in the short term.

For example, the Congressional Federal Credit Union has a relief line of credit with an initial rate of 0 percent for 60 days. After that, the rate on the remaining balance is 4 percent.

The Navy Federal Credit Union is also offering loans of up to $6,000 at 0 percent with no fees and no credit check to federal government employees and contractors for 60 days or until any back pay is made, whichever comes first.

The Pentagon Federal Credit Union, known as PenFed, has a similar offer for its members impacted by the shutdown.

The USAA, a financial services firm that specializes in customers with a military connection, is offering a one-time, 12-month personal loan with an interest rate of 0.01 percent. That offer is only available to eligible members who are in the Coast Guard or National Oceanic and Atmospheric Administration Corps and who have experienced an interruption in their federal pay.

In addition, an increasing number of big banks, including Wells Fargo, Bank of America and Chase, are offering to waive fees for overdrafts or insufficient funds for those whose income has been disrupted by the shutdown, in its 32nd day Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: jessica dickler, getty images, patrick t fallon, bloomberg
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The best and worst ways to borrow money during the shutdown

Nearly two weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay. That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder. From personal loans to credit card advances, there are a number of ways to access cash to bridge the gap. But not all types of borrowing are created equal. Here are some of the be


Nearly two weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay. That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder. From personal loans to credit card advances, there are a number of ways to access cash to bridge the gap. But not all types of borrowing are created equal. Here are some of the be
The best and worst ways to borrow money during the shutdown Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: jessica dickler, rogelio v solis
Keywords: news, cnbc, companies, workers, paycheck, working, ways, types, weeks, money, shutdown, borrow, worst, best, thousands, loans, threequarters


The best and worst ways to borrow money during the shutdown

Nearly two weeks into a partial government shutdown, hundreds of thousands of federal workers are furloughed or working without pay.

That’s longer than most can get by without income, considering that over three-quarters of all full-time workers are living paycheck to paycheck, according to a report from CareerBuilder.

From personal loans to credit card advances, there are a number of ways to access cash to bridge the gap. But not all types of borrowing are created equal.

Here are some of the best and worst loans out there.


Company: cnbc, Activity: cnbc, Date: 2019-01-03  Authors: jessica dickler, rogelio v solis
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Experts agree: Don’t buy a new car

While it’s tempting to splurge on a new car, especially when you’re young, Bach says it’s the “single worst financial decision millennials will ever make.” “Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. Most people have to borrow money to be able to afford the expense and, Bach asks, “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?” “If you’re spending $500 a month for that c


While it’s tempting to splurge on a new car, especially when you’re young, Bach says it’s the “single worst financial decision millennials will ever make.” “Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. Most people have to borrow money to be able to afford the expense and, Bach asks, “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?” “If you’re spending $500 a month for that c
Experts agree: Don’t buy a new car Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: emmie martin
Keywords: news, cnbc, companies, dont, youre, bach, months, borrow, young, money, car, thats, 30, buy, agree, experts


Experts agree: Don't buy a new car

While it’s tempting to splurge on a new car, especially when you’re young, Bach says it’s the “single worst financial decision millennials will ever make.”

“Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It.

Most people have to borrow money to be able to afford the expense and, Bach asks, “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?”

Instead, he recommends looking for something that’s coming off a two- to three-year lease because “that car is almost brand new and you can buy it at that 30 percent discount.”

If you’re still tempted, consider how much owning will cost long-term. “If you’re spending $500 a month for that car, well, that’s $6,000 a year, not including the car insurance or the gas. That could be two months or three months of your income,” he says. “Run the numbers and then ask yourself: Do you really need a car that nice or could you buy a car that’s less expensive — maybe a little older — but still looks good and still runs?”


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: emmie martin
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Self-made millionaire: Buying a new car is ‘the single worst financial decision’

A brand new car looks and smells good — but it’s never worth the price, says self-made millionaire and bestselling author David Bach. “Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. “It’s the single worst financial decision millennials will ever make.” To make matters worse, “most people borrow money to buy that car,” says Bach. “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?


A brand new car looks and smells good — but it’s never worth the price, says self-made millionaire and bestselling author David Bach. “Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. “It’s the single worst financial decision millennials will ever make.” To make matters worse, “most people borrow money to buy that car,” says Bach. “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?
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Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: kathleen elkins, source, cnbc make it
Keywords: news, cnbc, companies, selfmade, good, money, brand, financial, buying, bach, worth, decision, car, 30, buy, borrow, value, worst, single, millionaire


Self-made millionaire: Buying a new car is 'the single worst financial decision'

A brand new car looks and smells good — but it’s never worth the price, says self-made millionaire and bestselling author David Bach.

“Nothing you will do in your lifetime, realistically, will waste more money than buying a new car,” he tells CNBC Make It. “It’s the single worst financial decision millennials will ever make.”

That’s because the moment you drive it off the lot, the vehicle starts to depreciate: Your car’s value typically decreases 20 to 30 percent by the end of the first year and, in five years, it can lose 60 percent or more of its initial value.

To make matters worse, “most people borrow money to buy that car,” says Bach. “Why would you borrow money to buy an asset that immediately goes down in value by 30 percent?”

The good news is, you can get a shiny, nice-smelling car without breaking the bank, Bach says: “Buy a car that’s coming off of a two- to three-year lease, because that car is almost brand new and you can buy it at that 30 percent discount.”


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: kathleen elkins, source, cnbc make it
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Here’s how much to borrow in student loans

More than 44 million Americans currently have student loans, with the average debt hovering around $33,000. While the majority of students have between $25,000 and $50,000 in loans, there’s still about 600,000 people who owe more than $200,000 in student debt, according to ValuePenguin. And the trend of graduating with student debt shows no sign of slowing. So if you think you’re going to earn $50,000 right out of college, you shouldn’t have more than $50,000 in student loans total. Card balance


More than 44 million Americans currently have student loans, with the average debt hovering around $33,000. While the majority of students have between $25,000 and $50,000 in loans, there’s still about 600,000 people who owe more than $200,000 in student debt, according to ValuePenguin. And the trend of graduating with student debt shows no sign of slowing. So if you think you’re going to earn $50,000 right out of college, you shouldn’t have more than $50,000 in student loans total. Card balance
Here’s how much to borrow in student loans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-28  Authors: megan leonhardt
Keywords: news, cnbc, companies, according, ages, debt, borrow, student, loans, 50000, millennials, average, card, heres, college


Here's how much to borrow in student loans

More than 44 million Americans currently have student loans, with the average debt hovering around $33,000. Of course, you likely know at least one person who took out much more than that.

While the majority of students have between $25,000 and $50,000 in loans, there’s still about 600,000 people who owe more than $200,000 in student debt, according to ValuePenguin.

And the trend of graduating with student debt shows no sign of slowing. About 60 percent of current college students ages 18 to 24 say they are responsible for covering more than half of the cost of their education, according to survey from Ascent Student Loans.

But for high schoolers and their parents, it can be daunting to try and calculate how much is the right amount. There’s a simple rule-of-thumb figure you should keep in mind, says Carrie Schwab-Pomerantz, a financial advisor, board chair and president of the Charles Schwab Foundation, tells CNBC Make It.

“You should never take out more student loan debt then you believe will be your first year’s salary,” she says. So if you think you’re going to earn $50,000 right out of college, you shouldn’t have more than $50,000 in student loans total.

And while student loan debt is considered “good debt” because it’s generally low-interest and goes toward helping boost your earnings potential in the future, too much of it can really hurt your financial stability after college.

“Good debt is bad debt when you’re drowning in it,” Schwab-Pomerantz says. She adds that while she understands many people need student loans to fund their college dreams, it’s important to keep the debt at a manageable level so they’re not struggling financially later.

“I get that people want to stretch, but you don’t want to drown in debt,” she says. If you do end up taking out huge loans, you may be forced to take on credit card debt for living expenses such as groceries and rent. In fact, millennials between the ages of 25 and 34 have an average of $42,000 in personal debt each, excluding home mortgages, according to Northwestern Mutual’s 2018 Planning & Progress Study.

The biggest source? Credit card debt. Card balances make up a full fourth of the average older millennials owe, while student debt accounted for about 16 percent, according to Northwestern Mutual. Additionally, millennials ages 25 to 34 also hold the highest amount of debt compared to other generations.


Company: cnbc, Activity: cnbc, Date: 2018-08-28  Authors: megan leonhardt
Keywords: news, cnbc, companies, according, ages, debt, borrow, student, loans, 50000, millennials, average, card, heres, college


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The 2018 Fiat 124 Spider Lusso is like a quieter and more luxurious Miata

The Fiat 124 is built along the same lines as the Mazda MX-5 Miata in Japan. It has the same underpinnings, but with a few tweaks like a Fiat engine and a larger trunk. That’s a far cry from the original Fiat 124 Spider from which this car gets its name, which was built in Italy by Pininfarina. Still, if you’re going to borrow, borrow from the best. A lot of what makes the Miata great still shines through in the 124 Spider, as the Fiat is still a brilliant little thing to drive.


The Fiat 124 is built along the same lines as the Mazda MX-5 Miata in Japan. It has the same underpinnings, but with a few tweaks like a Fiat engine and a larger trunk. That’s a far cry from the original Fiat 124 Spider from which this car gets its name, which was built in Italy by Pininfarina. Still, if you’re going to borrow, borrow from the best. A lot of what makes the Miata great still shines through in the 124 Spider, as the Fiat is still a brilliant little thing to drive.
The 2018 Fiat 124 Spider Lusso is like a quieter and more luxurious Miata Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: mack hogan
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The 2018 Fiat 124 Spider Lusso is like a quieter and more luxurious Miata

The Fiat 124 is built along the same lines as the Mazda MX-5 Miata in Japan. It has the same underpinnings, but with a few tweaks like a Fiat engine and a larger trunk.

That’s a far cry from the original Fiat 124 Spider from which this car gets its name, which was built in Italy by Pininfarina. Still, if you’re going to borrow, borrow from the best.

A lot of what makes the Miata great still shines through in the 124 Spider, as the Fiat is still a brilliant little thing to drive. The Spider’s steering feels notably less direct than the Miata, but it still provides plenty of feedback and feel.


Company: cnbc, Activity: cnbc, Date: 2018-08-24  Authors: mack hogan
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You’re most likely to borrow money for an emergency in this month

Individuals who apply for a personal loan in August are about 22 percent more likely to put the cash toward paying for a wedding, according to recent data from LendingPoint. The lender analyzed 100,000 personal loans it had made dating to 2015. LendingPoint asks its applicants to state the purpose of the loan, and as part of this study, it excluded borrowers who sought to consolidate debt. “I would have guessed spring to be the big season for weddings, but more people ask for these loans in Augu


Individuals who apply for a personal loan in August are about 22 percent more likely to put the cash toward paying for a wedding, according to recent data from LendingPoint. The lender analyzed 100,000 personal loans it had made dating to 2015. LendingPoint asks its applicants to state the purpose of the loan, and as part of this study, it excluded borrowers who sought to consolidate debt. “I would have guessed spring to be the big season for weddings, but more people ask for these loans in Augu
You’re most likely to borrow money for an emergency in this month Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-22  Authors: darla mercado, hero images, getty images
Keywords: news, cnbc, companies, wedding, loans, emergency, loan, month, likely, personal, borrowers, weddings, times, money, surprise, borrow, youre


You’re most likely to borrow money for an emergency in this month

Everything — even going into debt — has a season.

Individuals who apply for a personal loan in August are about 22 percent more likely to put the cash toward paying for a wedding, according to recent data from LendingPoint.

The lender analyzed 100,000 personal loans it had made dating to 2015. LendingPoint asks its applicants to state the purpose of the loan, and as part of this study, it excluded borrowers who sought to consolidate debt.

“I would have guessed spring to be the big season for weddings, but more people ask for these loans in August, most likely for a fall wedding,” said Mark Lorimer, chief marketing officer of LendingPoint.

Meanwhile, September is the month for emergency spending: Borrowers applying for a loan in that month are nearly three times more likely to use the money for surprise expenses.


Company: cnbc, Activity: cnbc, Date: 2018-08-22  Authors: darla mercado, hero images, getty images
Keywords: news, cnbc, companies, wedding, loans, emergency, loan, month, likely, personal, borrowers, weddings, times, money, surprise, borrow, youre


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