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I also know people who are racking up credit card balances on stuff they don't need like the xbox 360 and going out drinking on friday night and blame the government and economy for their problems
Have you been watching the TV football games? The stands are full of thousands upon thousands of fans at every game. How many of those seats do you think might have been empty if it were cash only, no credit cards?
I was reading one article about the cost for a family of four to attend a major league sporting event. Fair to good seats plus some snacks would run about 1000 bucks or more. That wasn't cash in the billfold. It was credit card debt. And it probably wouldn't be for just one game.
I haven't used my credit card except to buy books and I usually pay most of my credit card balance back. As for student loans, dunno when I can start paying on those and when I'll be able to.
Just wondering what happens when more and more people default on credit cards and student loans.
I know people who will never in their lifetimes pay off their student loan debts.
Generally I have no sympathy for people like this, unless there's some really extenuating circumstances beyond their control that caused them to get in such a financial pickle.
As far as never paying off a student loan, not gonna happen. The government WILL get their money back. If you default, they will hound you for that money. Your credit will be in tatters, and they will pay themselves out of your state and federal tax returns bit by bit if they have to, for the rest of your life. They'll take your stimulus checks too. And after you die, they'll get your estate for it. One way or the other, you're gonna pay on those loans.
As far as never paying off a student loan, not gonna happen. The government WILL get their money back. If you default, they will hound you for that money. Your credit will be in tatters, and they will pay themselves out of your state and federal tax returns bit by bit if they have to, for the rest of your life. They'll take your stimulus checks too. And after you die, they'll get your estate for it. One way or the other, you're gonna pay on those loans.
I don't see people defaulting on government student loans, as the amount of money available, the generous payback period and the low interest make it pretty easy for people to stick with those payments. If anything, it's the private student loans that are probably at the greatest risk. I think most borrowers are smart enough to know that they can't get out of government student loans.
I don't see people defaulting on government student loans, as the amount of money available, the generous payback period and the low interest make it pretty easy for people to stick with those payments. If anything, it's the private student loans that are probably at the greatest risk. I think most borrowers are smart enough to know that they can't get out of government student loans.
If it's a guaranteed student loan though, it's guaranteed by the government, and if it eventually gets sent to them...they WILL get you.
Unless you're talking about a non-guaranteed student loan? Then, I'd have no idea
Have you been watching the TV football games? The stands are full of thousands upon thousands of fans at every game. How many of those seats do you think might have been empty if it were cash only, no credit cards?
I was reading one article about the cost for a family of four to attend a major league sporting event. Fair to good seats plus some snacks would run about 1000 bucks or more. That wasn't cash in the billfold. It was credit card debt. And it probably wouldn't be for just one game.
I don't see people defaulting on government student loans, as the amount of money available, the generous payback period and the low interest make it pretty easy for people to stick with those payments. If anything, it's the private student loans that are probably at the greatest risk. I think most borrowers are smart enough to know that they can't get out of government student loans.
Um, they can't get out of private student loans either. All student loans are backed by the government. Most are privatized -- in fact, if not all, at this point. And you can claim bankruptcy on them.
It was $1200 for us to go to a recent college football game (3 people), and that game was sold out.
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