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need to know
Costco same-store sales rise significantly
Europe markets rise | FTSE 100 heads for gain
Eurozone economy grows faster than seen
Glass Lewis opposes B. of A. board proposal
IMF: China slowdown threatens global outlook
Treasury's Lew irked by China's FX move
Rio Tinto sees solid demand for iron ore, steel
Novartis to begin selling Neupogen copy in U.S.
Asian shares rise; China closed for holiday

5 things to watch at today’s ECB meeting

ECB forecasts to come under close scrutiny
French jobless rate holds steady at 10.3%


Why India is worth a look if you’re cooling on China

History’s lessons in surviving market crashes

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9

Liberal arts majors may become a thing of the past
They tangled with student debt all summer
College help for low-income families

43% of U.S. homes are at high risk of natural disaster
43% of U.S. homes are at high risk of natural disaster

China stock markets close for World War II anniversary
China tightens controls to fight capital outflows
See the massive military parade in Beijing


Almond milk and other notable Fed nuggets

Fed Beige Book finds rising wage pressures

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors
Hulu rolls out ad-free option for $11.99 a month
Digital subscriptions can exceed our cable bills

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
How estate planning can be stress-free
Take your company pension, or buy an annuity?
Is this all the investing advice you’ll ever need?

Clinton's $10 billion anti-drug-addiction plan

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
/conga/frontpage.html 354018

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/quotes/zigman/12633936/realtime 4,750 +114 2.46%
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/quotes/zigman/3870025/realtime 1,949 +35 1.83%
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/quotes/zigman/629063/realtime 2,321 +8 0.36%
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/quotes/zigman/662444/delayed 1,129 -5 0.41%
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/quotes/zigman/2331095/delayed 46.18 -0.07 0.15%
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/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
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/quotes/zigman/16008150/realtime/sampled 120.32 -0.01 0.01%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.13%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.41%
DXY Index
/quotes/zigman/1652083/delayed 95.89 -0.09 0.09%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.65 +0.10 0.11%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 0.00 0.08%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.01 0.79%
Italy 10yr
/quotes/zigman/15866497/realtime 1.98 -0.01 0.65%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 -0.01 0.26%
U.K. 10yr
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C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
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5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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For Debt-Laden Young Adults, Reality Bites At 28

While young adults may feel empowered by debt, they start to feel weighed down by it when they reach 28, according to a new study. The more credit-card and college loan debt shouldered by those aged 18 to 27, the more they felt in control of their lives, according to an Ohio State University study.

iStockphoto

Rachel Dwyer, lead author of the study and assistant professor of sociology at Ohio State University, says of her rather disturbing findings, “Debt can be a good thing for young people — it can help them achieve goals that they couldn’t otherwise, like a college education.”

The study examined two kinds of debt: credit card and college debt. “Surprisingly, though, we found that both kinds of debt had positive effects for young people,” Dwyer says. “It didn’t matter the type of debt, it increased their self-esteem and sense of mastery.”

She offers this explanation: Young people may see all kinds of debt as a positive investment as they may use credit card debt to pay for their college text books. “Along with education spending, they could be using credit cards to pay for non-essential items,” Dwyer adds.

The more surprising (and scary) aspect of this study, which involved 3,079 young adults: By 28, young people are aware that they overestimated how much money they were going to earn. “When they took out the loans, they may have thought they would pay off their debts easily, and it is turning out that it is not as easy as they had hoped, ” Dwyer says.

To quote from “Friends,” the sitcom that defined a generation of twenty-somethings: “Welcome to the real world. It sucks.”

Do you think this study represents young adults?

Comments

We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name.

Comments (5 of 18)

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    • I partially agree with this article. As a 26 year old, I have always understood one fact, when you have debt you dont actually own your items, they are just borrowed. I recently purchased a new car and took out a 20K loan. That was last year. To date, 12 months later I have a remaining balance of 3K. Was I empowered to pay off my loan, 100% yes. Do I feel comfortable that my bank holds the title to my car, no. Same is true to student loans. Pay it all off ASAP!
      Its always interesting to me to read about educated individuals that are without work or recently lost employment and decide that they are better off going back to school for more education! Yea, 100K more in debt that cant be erased in chapter 11 bankruptcy.
      Long story short, get out of debt! Purchase a home and live below your means so you can pay off your 30 year mortgage in 20 years and not have to worry about what you owe, cause besides shelter and education what else do you really need that you cant acquire?

    • I’m not surprised that students feel empowered when they don’t have to pay the bills, and burdened once they finally do.

      Let’s face it, there are failures in long-term fiscal planning in every industry. Investing in a college education (or even graduate education) can and does pay off when done responsibly. When finding the best fit of a college for a particular student, financial aid needs to be one of (if not THE) top priority.

    • I am so glad that I did not have any loans. I did this despite having no government financial aid and no parent financial aid for either my undergraduate degree or Master’s. I worked my way through and it was the best thing for me to do.

    • Having just turned 29, I absolutely agree with this article. I was lucky in having my undergraduate education paid for by my parents good financial planning. I did manage to rack up nearly $8,000 in credit card debt by the time I entered my senior year of college. I took charge of that debt and had it paid down to less than $1,000 by the time I graduated. It was incredibly empowering.

      Unfortunealy it took me almost 2 years to find ‘gainful employment’ working at a small box retailer. The $6.50/hr + commission at my first ‘real job’ was nowhere near the $30-$40k jobs that I had been told that my education and experience would get me.

      It took going back to school to earn my Master’s degree (paid for by loans) and some very strong negotiation to finally get to a job that even came close to the pay range I had been planning on.

      During the last 4 years my debt combined with my wife’s has ballooned because our paychecks couldn’t keep up with the cost of gas, rent, food and medical costs.

      I have no complaints about the debt that I have accumulated and I understand the responsibilities that I have to repay those debts. Our debt has allowed us to have the satisfaction of not being dependent on our parents, but it is only recently that we have begun to see how it limits our ability to build our own family.

About Pay Dirt

  • Pay Dirt examines the millions of consumer decisions Americans make every day: What to buy, how much to pay, whether to rave or complain. Lead written by Quentin Fottrell, the blog examines these interactions, providing readers with news, insight and tips on shopping, spending, customer service, and companies that do right – and wrong – by their customers. Send items, questions and comments to quentin.fottrell@dowjones.com or tweet @SMPayDirt.

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Bulletin
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New York Markets Open in:

Futures: /quotes/zigman/30356461/delayed S&P 500 +0.4% /quotes/zigman/38649152/delayed DOW +0.4% /quotes/zigman/30356458/delayed NASDAQ +0.4%

need to know
Costco same-store sales rise significantly
Europe markets rise | FTSE 100 heads for gain
Eurozone economy grows faster than seen
Glass Lewis opposes B. of A. board proposal
IMF: China slowdown threatens global outlook
Treasury's Lew irked by China's FX move
Rio Tinto sees solid demand for iron ore, steel
Novartis to begin selling Neupogen copy in U.S.
Asian shares rise; China closed for holiday

5 things to watch at today’s ECB meeting

ECB forecasts to come under close scrutiny
French jobless rate holds steady at 10.3%


Why India is worth a look if you’re cooling on China

History’s lessons in surviving market crashes

Bill Gross calls a Fed rate hike ‘too little, too late’
FDIC chief: Rates may catch banks off-guard
Junk-bond stress level climbs to 5-year high

Apple’s biggest challenge: Topping the iPhone 6
Apple set to join content contest
What to expect from the Apple event on Sept. 9

Liberal arts majors may become a thing of the past
They tangled with student debt all summer
College help for low-income families

43% of U.S. homes are at high risk of natural disaster
43% of U.S. homes are at high risk of natural disaster

China stock markets close for World War II anniversary
China tightens controls to fight capital outflows
See the massive military parade in Beijing


Almond milk and other notable Fed nuggets

Fed Beige Book finds rising wage pressures

Why gold now looks more risky than stocks
Why gold now looks more risky than stocks: Reeves
Still too many gold market bulls: Mark Hulbert

GoPro’s stock rocked by supplier’s outlook

Intel hopes its chip retool can revive PC sales

Donald Trump, Hillary Clinton playing game of liar’s poker with the voters
Trump, Clinton play game of liar’s poker: Delamaide
Bush mounts ‘germophobe’ attack on Trump

Salesforce’s new target: rationalizing medical info

Medicare premiums will be going up for many

Growing doubts among Viacom investors lead to 50% stock drop
Growing doubts among Viacom investors
Hulu rolls out ad-free option for $11.99 a month
Digital subscriptions can exceed our cable bills

Guide to managing money from your 20s to your 70s
Guide to managing money from your 20s to your 70s
How estate planning can be stress-free
Take your company pension, or buy an annuity?
Is this all the investing advice you’ll ever need?

Clinton's $10 billion anti-drug-addiction plan

10 cities in U.S. with the very worst traffic problems
Lowest Labor Day gas prices in 11 years: AAA
/conga/frontpage.html 354018

Markets »

133.48MDow Volume:
Avg Vol: 113.01M
Unchanged
201
Decliners
1922
Advancers
4480
Price Chg %Chg 1 Day
Range: 1 Day
  • 1 Day
  • 5 Days
  • 1 Month
  • 3 Months
  • 6 Months
  • 1 Year
  • 2 Years
Dow
/quotes/zigman/627449/realtime 16,351 +293 1.82%
Nasdaq
/quotes/zigman/12633936/realtime 4,750 +114 2.46%
S&P 500
/quotes/zigman/3870025/realtime 1,949 +35 1.83%
GlobalDow
/quotes/zigman/629063/realtime 2,321 +8 0.35%
Gold
/quotes/zigman/662444/delayed 1,129 -5 0.41%
Oil
/quotes/zigman/2331095/delayed 46.18 -0.07 0.15%
FTSE 100
/quotes/zigman/3173262/delayed 6,175 +91 1.50%
DAX
/quotes/zigman/2380246/delayed 10,212 +164 1.63%
CAC 40
/quotes/zigman/3173214/delayed 4,617 +63 1.37%
FTSE MIB
/quotes/zigman/1482176/delayed 21,907 +295 1.36%
IBEX 35
/quotes/zigman/2759620/delayed 10,012 +74 0.75%
Stoxx 600
/quotes/zigman/2380150/delayed 359 +5 1.47%
Asia Dow
/quotes/zigman/6959860/realtime 2,712 +8 0.31%
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/quotes/zigman/5986735/delayed 18,182 +87 0.48%
Hang Seng
/quotes/zigman/2622475/delayed 20,935 -250 1.18%
Shanghai
/quotes/zigman/1859015/delayed 3,160 -6 0.20%
Sensex
/quotes/zigman/1652085/delayed 25,765 +311 1.22%
Singapore
/quotes/zigman/1709939/delayed 2,906 +28 0.98%
Euro
/quotes/zigman/16008136/realtime/sampled 1.12 0.00 0.04%
Yen
/quotes/zigman/16008150/realtime/sampled 120.32 -0.01 0.01%
Pound
/quotes/zigman/16008140/realtime/sampled 1.53 0.00 0.13%
Australia$
/quotes/zigman/16008115/realtime/sampled 0.70 0.00 0.43%
DXY Index
/quotes/zigman/1652083/delayed 95.90 -0.09 0.09%
WSJ $ Idx
/quotes/zigman/41508961/realtime 88.65 +0.10 0.11%
U.S. 10yr
/quotes/zigman/15866666/realtime 2.18 0.00 0.08%
German 10y
/quotes/zigman/15866409/realtime 0.78 -0.01 0.69%
Italy 10yr
/quotes/zigman/15866497/realtime 1.98 -0.01 0.61%
Spain 10yr
/quotes/zigman/15866444/realtime 2.14 0.00 0.22%
U.K. 10yr
/quotes/zigman/15866328/realtime 1.82 +0.00 0.07%
Japan 10yr
/quotes/zigman/15866525/realtime 0.40 +0.00 0.13%
Crude Oil
/quotes/zigman/2331095/delayed 46 0 0.15%
Gold
/quotes/zigman/662444/delayed 1,129 -5 0.41%
Corn
/quotes/zigman/7599553/delayed 367 -1 0.20%
DJIA F
/quotes/zigman/38649152/delayed 16,395 +65 0.40%
S&P F
/quotes/zigman/30356461/delayed 1,954 +7 0.34%
Silver
/quotes/zigman/3134148/delayed 15 +0 0.05%

Quotes

Symbol Price Change % Change
FB /quotes/zigman/9962609/composite 89.89 2.66 3.05%
AAPL /quotes/zigman/68270/composite 112.34 4.62 4.29%
GOOG /quotes/zigman/30194416/composite 614.34 16.55 2.77%
BAC /quotes/zigman/190927/composite 15.85 0.32 2.06%
C /quotes/zigman/5065548/composite 51.75 0.81 1.59%
F /quotes/zigman/264304/composite 13.87 0.15 1.09%
T /quotes/zigman/398198/composite 32.82 0.50 1.55%
BP /quotes/zigman/247026/composite 32.20 0.06 0.19%
GE /quotes/zigman/227468/composite 24.57 0.69 2.89%
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5 yr CD
1.5%
2 yr CD
0.8%
1 yr CD
0.6%
MMA $10K+
0.3%
MMA $50K+
0.4%

National averages from Bankrate.com

You Don’t Need Another Credit Card, You Need A Better One.
Avg. APR Last Week 6 Months
Low Interest 11.62% 11.62% 11.53%
Business 12.85% 12.85% 12.85%
Student 13.14% 13.14% 13.14%
Balance Transfer 14.12% 14.12% 14.00%
Airline 15.10% 15.10% 15.15%
Reward 15.14% 15.14% 14.99%
Cash Back 15.27% 15.27% 15.26%
Instant Approval 18.00% 18.00% 17.93%
Bad Credit 22.73% 22.73% 22.48%
Source:CreditCards.com

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