A hardworking nurse with a six-figure salary and a six-day workweek has shared her struggle to afford a home amidst crushing debt.
Shirin Tajani, a 46-year-old Mount Sinai nurse in New York City, immigrated to the US from Pakistan at age ten and is struggling financially due to over $315,000 in student loan and credit card debt.
"I just feel like this country has failed us. Having to come here, not even being born here, going to school, and then you get tied down to these loans," Tajani told Business Insider. "I was in a situation that I had to pivot and change my career so that I can stay grounded," she added.
A Career Transition And Rising Costs
Tajani graduated with a business degree in 2002 and was laid off from her corporate job in 2009. This unexpected event led her to pursue a career change in nursing. She currently works at Mount Sinai Morningside in New York City.
Despite earning a six-figure salary, Tajani needs help to make substantial progress on her debt while covering essential living expenses like rent. Rents are soaring, forcing many people to adopt unconventional strategies to minimise or avoid them.
For example, a mother who moved into a tent with her son significantly reduced her monthly rent from $2,500 to $340. Another American woman has resorted to living in an underground bunker to escape high rental costs.
Tajani has taken on a second job outside her full-time nursing career to supplement her income, working six days a week. "I have to have my second job to pay my loans because without that, I wouldn't be able to make payments," she explained.
"So I just feel like seeing all these lawsuits blocking these programs for us is just not fair. And it's sad just to see a lot of us suffer believing that our country would help us out, and they're not doing anything for that."
Due to legal challenges against President Joe Biden's new SAVE income-driven repayment plan, Tajani's student loan payments have been temporarily suspended. The plan has reduced her monthly payments from approximately $600 to around $250. She is currently awaiting the final court decision on the plan's legality.
A considerable number of Americans are currently struggling with debt. A recent New York Federal Reserve report revealed that credit card debt in the United States had reached an all-time high of $1.14 trillion, with balances increasing by 5.8 percent over the past year.
A Challenging Time To Buy House
With record-high interest rates, paying off credit card debt has become increasingly challenging for many consumers. Americans continue to hold a historically pessimistic outlook on the housing market.
A Gallup survey released Thursday found that only 21 percent of Americans believe it is an excellent time to purchase a home, matching the lowest reading in Gallup's history. A significant majority, 76 percent, believe it is a bad time. This figure is only slightly below the record of 78 percent set last year.
The survey results reflect ongoing frustration with the housing affordability crisis. Young Americans aspiring to buy homes have faced a double blow of record-high home prices and soaring mortgage rates. "Americans remain highly pessimistic about the market for homebuyers," Jeffrey Jones, Gallup Senior Editor, wrote in the report.
The survey findings serve as another economic indicator that should concern White House officials as they attempt to reassure Americans frustrated with the rising cost of living. This marks a significant decline from the final reading of 61 percent in April 2019, before the onset of the COVID-19 pandemic.
The highest recorded sentiment was in April 2003, reaching 81 percent during the housing boom's peak. As Tajani navigates the challenges of debt, rising living costs, and the housing market, her story also highlights the struggles of many Americans today.
