The New Year could prove to be painful on the wallet for many consumers, particularly some college graduates and young families.
Budget shocks could add up to shortfalls of several hundred dollars a month in 2022 for some, as monthly student loan bills are set to resume now in May, the prices for food and other items remain high and the future of the child tax credit looks extremely dim.
Many people could be making tough choices on what bills to pay, and possibly looking for ways to work extra hours or find higher paying jobs to deal with essential bills, such as rent, the mortgage, car payments, and, yes, student loans.
Millions of borrowers had faced a looming Feb. 1 date for when they’d have to restart making payments on federal student loan debt.
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