Word: loan
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...average, members of the College’s Class of 2003 graduated with a student loan debt of $8,800, compared to a national average of nearly $20,000 in debt per graduating student, according to the University...
...economy. The emerging middle class pushed retail sales up 9% in 2003, but industrial output shot up 17%. Economists warn of a crash waiting to happen: if too many factories make too many goods chasing too few buyers, the results are likely to be deflation, widespread business failures, layoffs, loan defaults and shaky banks. And with many other Asian countries retooling their economies to fuel China's boom, the knock-on effects down the supply chain could be devastating. "Overinvestment will lead to a supply shock that will affect the whole world," predicts Dong Tao, chief Asia economist for Credit...
...hasn't announced any significant changes to dampen growth. In June, for example, the central bank tried to end overbuilding by curtailing mortgages for homes not yet constructed. Two months later, the Prime Minister's office issued a contradictory statement that not only encouraged mortgage lending but also "enhanced loan support" for developers...
...kind of domino model of a downward economic spiral. "A rundown apartment can exacerbate a child's asthma, which leads to a call for an ambulance, which generates a medical bill that cannot be paid, which ruins a credit record, which hikes the interest rate on an auto loan, which forces the purchase of an unreliable used car, which jeopardizes a mother's punctuality at work, which limits her promotions and earning capacity, which confines her to poor housing." Which exacerbates the asthma...
Just consider his dissection of the extortionate loan fees that are a staple of life for anybody who doesn't quite make it from paycheck to paycheck. Convenience stores in poor neighborhoods routinely advance cash to their customers at interest rates of about 20% for a two-week loan. If the debt can't be repaid, it's gladly rolled over--for another 20%. One study in Illinois found that the average customer had 10 renewals of that kind, which meant that in the space of a few months, he or she owed twice as much in interest...