Sugar Daddies, Sugar Mommies, and Sugar Babies; the explosion in student debt is creating a whole new set of relationships. From Tyler Durden at zerohedge.com:
As the storm clouds of peak stupidity gather over the heads of the millennial generation who were conned by banks, government, and universities to take out excessive amounts of leverage in auto loans, credit cards, and student debt; millions have flocked to a new website seeking ‘Sugar Daddies’ and or even ‘Sugar Mommies’ to pay off their debt amid an economic environment where wage growth remains non-existent.
Today’s real simple get-out-of-debt option for the broke college/post college millennial is through an unconventional dating website called SeekingArrangement.com.
In 2016, the website identified some 2.5 million college students who turned to the site in an act of desperation to find a ‘Sugar Daddy’ or even a ‘Sugar Mommy’ in exchange of personal time for straight cash.
The website’s mission is to “delivers a new way for relationships to form and grow. Sugar Babies and Sugar Daddies or Mommas both get what they want, when they want it”.
We find it hard to believe the intention of the website, when created by MIT graduate Brandon Wade in 2006, was to have 25% of the 10 million users—broke college millennials.
According to Business Insider,
A couple years ago, the site noticed an uptick in the number of members signing up with a university email address, Alexis Germany, a spokesperson for SeekingArrangement.com, told Business Insider.
It decided to launch a marketing campaign – dubbed Sugar Baby University – targeting indebted college students and young people who are interested in college but afraid of taking on massive loans.
In total, Americans owe more than $1.3 trillion in student loan debt to federal government agencies and or private lenders.