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Avoiding debt today is almost impossible. Young people start off with a college loan. Once they enter the work force they get a car loan. Along comes mr/miss right and then a mortgage. Then come children and their educational costs and they are still paying their college loan. Finally their kids are through school and it's time to retire and cash in the equity on their house.
A few years go by and major illness sets in bringing massive medical bills eating up their lifetime of savings.
Oh well, they came into this world with nothing and they will leave with nothing. But what about all that interest they paid?
That money goes to the top 1%.
Avoiding debt today is almost impossible. Young people start off with a college loan. Once they enter the work force they get a car loan. Along comes mr/miss right and then a mortgage. Then come children and their educational costs and they are still paying their college loan. Finally their kids are through school and it's time to retire and cash in the equity on their house.
A few years go by and major illness sets in bringing massive medical bills eating up their lifetime of savings.
Oh well, they came into this world with nothing and they will leave with nothing. But what about all that interest they paid?
That money goes to the top 1%.
The new slavery - debt.
Not saying you're wrong, because you aren't. However student loan debt is a voluntary debt as there are ways to go through college without amassing a huge debt load.
My nephew graduated high school as the validictorian for his class, (4 years with a 4.0 gradepoint average), and applied for every scholarship he could and amassed over $100,000 dollars in scholarships.
He works for his father as a plumber every summer, (good money), and is currently in his sophmore year in one of the best engineering colleges in the country holding a 4.0 gradepoint average again with a major in mechanical engineering.
Yes his parent's help him out a little if he needs it, but he doesn't need a lot of help because they taught him to work, plan and save right from the start.
When I went through school I held down 2 jobs as well as being married and my student loan was $8,000. Yes, my wife and I had to live in a 30 foot camp trailer, and we didn't get to club or go out to restaraunts very often, we only had one car, ( an old $1000 beater but it ran well), and my wife worked, but we did it. Once my schooling was complete and I had a job, we put my wife through school and her student loan was for $4,000. ( I had a better job full time plus a good second job).
When we bought a home, we knew what we could afford, and I was careful that the house I bought had a price we could meet, so my mortgage payment was $500/month in the 1990's.
Most debt is voluntairy. I agree a major medical issue or unexpected car wreck or something can put you in a bad position, but if you are on top of your expenses and putting something aside each paycheck, investing when you can, basically just paying attention to where your money is going, you can do just fine.
It may mean a sacrifice of not studying in Europe or taking spring break in Cabo, but you are supposed to go to college for an education not just to party and a lot of modern students seem to be unable to grasp that concept.
Student loans are a huge trap as they are easy to get for rediculous amounts of "free" money, and the more that's available and that kids are willing to sign for, the more the colleges charge. It's a vicious cycle.
Parent's need to teach kids responsibilty on all levels and all facets of life so the kids understand the value of work and money so they can make good decisions and avoid the debt trap slavery.
It may mean a sacrifice of not studying in Europe or taking spring break in Cabo, but you are supposed to go to college for an education not just to party and a lot of modern students seem to be unable to grasp that concept.
This is part of what I mean, about the "university experience". In my day, we went to college to study and graduate, not to party. My, how times have changed! No wonder these kids owe so much money!
This is part of what I mean, about the "university experience". In my day, we went to college to study and graduate, not to party. My, how times have changed! No wonder these kids owe so much money!
This is, of course, a load of crap. In every decade some people went to college to party and some to learn.
Working two jobs while in college just to get the education is stupid - you are supposed to focus on your academics, not on surviving.
Scholarships? There are not enough of those for even a small percentage of students.
Wanna fix the problem? Make higher education free.
Yeah credit ratings are certainly somewhat of an indicator of risk, but now it's an industry having little to do with your welfare or that of a lending institutions intentions. Additionally its a spin doctors "control mechanism" and segmentally labelling of of those who. are not able to rebuttle whereby short term circumstances cause a beep of debt that can stay on record way past your resolution of most debt. A new job for instance may completely restore your ability to pay credibility and dilute your "risk" factor. Credit bureau's now see cha -ching in fees for info having zero interest in your score or dissecting problem areas. Freedom from debt is a form of freedom as your nolonger in bondage to ecesses above everyday automatic reoccurring cost ( a debt wiped out upon normal payment cycle). As a prepper it gives us more innovative survival tools ( won't now have to "charge a clueless generator!!). Emergency food selections are of a greater variety and quality. We now can expand our inventory ( chain saw ,9mm pistol, ammo, solar grill and pet supplies,/emergent food). Lastly being debt free allows me to give back to Gods kingdom, and aid the poor via charities.
Credit bureau's now see cha -ching in fees for info having zero interest in your score or dissecting problem areas. Freedom from debt is a form of freedom as your nolonger in bondage to ecesses above everyday automatic reoccurring cost
This brings up a good point. The credit bureaus are in cahoots with marketers everywhere. If you have no debt, the bureaus don't have too much to report. I've always thought that a good credit score was one of the worst things you could be cursed with. No privacy, and sitting duck for identity theft. The ability to freeze one's credit, at all 3 bureau's, largely prevents this - with NO fee to "identity theft" services.
This brings up a good point. The credit bureaus are in cahoots with marketers everywhere. If you have no debt, the bureaus don't have too much to report. I've always thought that a good credit score was one of the worst things you could be cursed with. No privacy, and sitting duck for identity theft. The ability to freeze one's credit, at all 3 bureau's, largely prevents this - with NO fee to "identity theft" services.
I have been checking out what you said, trying to freeze my credit, then hopefully everyone but my bank will not be sending me anything at all in the mail.
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