"Easy for them to say, we thought. They didn't grow up in the age of easy credit. The credit card is just 40 years old, and it wasn't until the 1980s that a young person could get one without a signature from a parent."
Responsibility changed. My parents didn't allow me to have a credit card because they thought I was not responsible enough. And they were right.
I had 50k in school loans. My wife also had school loans. The people here who are whining probably decided to go to college and get educated on French Impressionism and other liberal arts degrees. A real good choice in the open market for these people. /sarcasm off
If you look at professionals, we had loans upwards of 100k or more and managed to pay them back based on the jobs we got. We may not have bought our homes until our mid to late 30's(I bought my first home, a townhouse for 130k in 1991, I was 31)but eventually we did.
I am now 44, my loans are paid off and I have the home and family of my dreams. I worked hard, took responsibility for my own actions and made a go of it without complaining or whining.
My reccomendation for all these college kids is to forget liberal arts as a major. If they want to do this, go to community college. Take a major that will enhance your life and reward you financially and emotionally. If you want to carry a 50k loan for majoring in dead French artists, quit whining and deal with it. It was your choice and you are responsible.
Well, as a person who did study French Impressionism in college- and LIKED it- I will be offended ;-)
No one puts a gun to anyones head and makes them go into debt. I have very little simpathy for people with bad credit ratings. It is a matter of personal responsibility. Live in the dorm all four years (or more). Eat in the cafeteria on the meal plan. SAVE your money instead of spending it all on your cell phone bill!
Bump to that. 90% of the problems in the U.S. would be solved if we stopped giving student loans to people who major in worthless subjects like history, sociology, and poli sci, and then go on to law school. If the market guarantees the employment of whatever profession they're studying for, a private loan will supply the funds to study that field. If they don't, government shouldn't.