Anyone doubt for a second that as soon as the student debt is forgiven, people like this will simply run up the same amount on their credit cards and then start demanding we write off that debt too?
You just can't fix stupid.
My daughter graduated from 4 year college last may with $26K in debt (we paid for 80+% of her her college education but wanted her to have skin in the game), just over 1 year later she has cut that balance in half (at my encouraging) and is hoping to have it all paid off before she starts grad school in another year, which she will pay for.
Choose wisely.
Part of a never-ending media drumbeat setting the stage for student loans to be forgiven that will run from now until the election.
They are going to maximize the potential this has to lure Millenials off the couch to go and vote Democrat.
I agree. These people do not know how to cut back and live within their means. There are times I have gone to what I call defcon1 and lived on the minimum to get by.
I think it’s even simpler than that.
The only parties who can forgive this debt are those who made the loans.
Why should I bail out a mortgage holder, credit card company, or school? They are profiting by taking a risk. They don’t share their profits with the taxpayers.
on the DemoRat Plantation where you are free to never leave.
50,000 across eight credit cards.
WTF?
I have 5 university degrees - all in what would be called the Humanities or Liberal Arts and I finished with ZERO debt.
Don't feel sorry for them in the least. They dug this hole; they need to get themselves out of it. $50K on credit cards is just plain stupid. They need a good kick in the pants from Dave Ramsey.
Um, West Hartford is one of the wealthiest towns in Connecticut, with high cost of living and property taxes. This, in a state with already high — and rapidly increasing — income taxes. Why not MOVE???
They made stupid choices. Hard-working taxpayers should not pay for their extravagance.
If they have Equity in their House, sell it and pay off their Bills or get a Cash Out Refinance.
30 Year Mortgage Rates are below 4%, it’s cheap money and they can write off the Interest.
If they have New Car Payments, sell the Cars and buy something used that they can afford.
All these sob stories make me ill. We have had high Credit Card Debt in our younger years and have always paid them off.
...by getting our nation deeper in debt. This article is agitprop.
I was married with a kid at 28 and a mortgage and was working in high-tech back in 1996. My wife and I had a combined salary of $120,000.
Didn’t have any credit card debt, had just paid off my student loan ($10K), no car loan and my mortgage was $160,000.
$50K in credit card debt? What for told did that buy? Why do you have a car loan? Buy used, pay cash and then upgrade when you can afford it. The college loan is not holding them back. It is their spending.
“”$50,000 across eight credit cards.””
And just what did they think would happen if they had this many credit cards? I agree with you - no sympathy here...My husband and I have never had more than one and we don’t have debt - balance paid off monthly as we (well, me as he’s unable to get out anymore) watch WHAT goes on it and that usually comes from shopping online. I forgot the checkbook twice in the past month when I went grocery shopping so I had to use the credit card but I didn’t like it. It’s usually in my purse but paying bills at the computer, I didn’t put it back in my purse.
Believe it or not, the checkbook is a novelty at the grocery store - I’ve had people behind me in line say, “I haven’t seen one of those in a long time.” Debit card - no thanks.
The only time I had one was when Whole Foods and some other stores wouldn’t accept checks and I decided to give in and get one. The first charge on it was for a bar bill in Miami, FL. Since I’ve never been to FL or Miami or any bar, it was reversed and I had the bank cancel it.
“I never feel sorry for these types of people”
Same here.
That’s why I listen to clips of Dave Ramsey weekly just to make sure I remember why I’m such a cheap SOB.
I came from a very dirt poor family. My father was a roofer during the week and a pastor on Sundays for a very small church.
I learn at very young age if you want something you have to go out and earn it. If you do not have money in your pocket you can not buy it. There was no special educational funds for people like me except the GI bill. I have no pity for those fools.
My education was free from attend night classes while doing 20 years in the Military. Took me 7 years to complete my four year degree due to the many deployments.
Today my household income is 145K. Zero debt, only house payments.
I built and finance my House payment base on my Military Retirement Check. Cost 150K to build, worth 240K now. My Military Retirement check covers my electric, insurance, water and mortgage. This check will always be there as long as the government exist.
I only work for food and entertainment. Also banking a lot of dollars for my future retirement.
If you live within your income you can have a lot of fun and save a lot of money.. Those people are not living within their income. Most likely they finance a house using both of their incomes. A house should only be finance with the lowest paycheck. This way, if a source of income goes away you have a backup.
If you are having to charge your credit cards to live what you consider a good life, you need to reevaluate what is important in life.
I am 70 years old and have had credit cards since I was young. In all those years, I have never carried a credit card balance for more than the current month. In my view, if I can’t afford to pay cash, then I can’t afford to use a credit card. My two daughters, both professionals, and my wife, have the same point of view. I simply cannot understand why anyone needs eight credit cards and why anyone would ever have such an enormous credit card debt. Did they not know money is not free?
My only advice for these people is to leave Connecticut.
Move to a red state.
$270,000 is not a middle class lifestyle house. It is an I deserve a house like this house.
To cite the obvious, perhaps they should look at Dave Ramsey’s maxim of “beans & rice / rice & beans”! Killing off the Credit Card debt needs maximum attention and reading any of the scads of debt handling books is a good start. I wonder, not having read differently, if they have cable and/or internet premiums?
Those who survived the Great DEPRESSION of the 1930s learned about doing WITHOUT and then had to experience WW2 as well. I believe it very likely that these parents graduated from their 16 years of schooling with only the most minimal exposure to that history nor such horrors as budgeting. Compare this to their PROBABLE exposure to grievance and liberation studies. Which of these constitute educational malfeasance?