Generation Debt

[BLB_Oregon]

I agree with you on credit cards. I think it’s important to remember that a credit card is just a tiny piece of plastic. It doesn’t force you against your will to buy more than you can afford, or to only pay off the minimum and pay off an incredible amount in interest fees.

Some people, though, realize that a credit card in their wallet is about as safe as a case of Jack Daniels in the bedroom closet of an alcoholic. Blessed are they who know what not to ask of themselves!

 

[jc-servant]

Paying $100K for an education that only gets you a $30K / year job is not a very good return on your investment. People need to do a cost / benefit analysis before selecting a university. And need to save, save, save so they don’t get into debt in the first place.

I’ll agree with part of your statement. I passed up law school in the Ivy League when other people were crying to get accepted at those schools because I knew how much debt I would rack up! I have a coworker who went to a less prestigious private law school because it was the only place he could get in and he has well over $100k in loans. I got out of a state school with under $30k in loans because of academic scholarships, jobs and living very frugally.

The problem that I have is with your other point regarding saving to avoid debt. It does not always prevent disaster from striking.

Anyone can end up in financial trouble whether young or old if they have a major medical problem, lose a job, etc. Although the young people from the article seem to have been mainly irresponsibly spending, I don’t think we can point the finger at all young people and assume they recklessly spent their way into debt. I’m still recovering from a long period of unemployment and underemployment after law school. I will not be able to safely purchase a home for a few more years due to that set back almost 10 years ago.

 

[ecp007]

I work with people in India who make 1/5 the salary I do, for performing basically the same job. They live 8 to 10 people in an efficiency apartment, most without airconditioning. Since they have more space at work, and AC, they prefer staying at work to going home, so they willingly work 12-14 hours a day for only 8 hours pay. Owning a home is not even in the realm of their thinking. They are thrilled just to own a car. Most send all of their money to their parents to help support their multiple siblings’ education. And, they are grateful for the opportunity to work. More people in the world are like these people, than like us.

We are spoiled in this country, thinking that going to 4 year university, owning a 3 bedroom house, with 2 cars, in a nice neighborhood, with a white picket fence is a necessity, and anything short of that is somehow “unfair” and “frustrating”.

Living in the United States of America provides unlimited options, with unlimited possibilities. But nothing in this life is free, every option requires hard work and sacrifice, planning, good health, and a little good luck.

Pray hard, work hard, and quit thinking that somehow you are a victem of the life that you have chosen or have been delt. No one is entitled to going to university, or owning a home, or only working 40 hours a week . That used to be called “The American Dream” not the “American Entitlement”.

 

[gmarie21]

I work with people in India who make 1/5 the salary I do, for performing basically the same job. They live 8 to 10 people in an efficiency apartment, most without airconditioning. Since they have more space at work, and AC, they prefer staying at work to going home, so they willingly work 12-14 hours a day for only 8 hours pay. Owning a home is not even in the realm of their thinking. They are thrilled just to own a car. Most send all of their money to their parents to help support their multiple siblings’ education. And, they are grateful for the opportunity to work. More people in the world are like these people, than like us.

We are spoiled in this country, thinking that going to 4 year university, owning a 3 bedroom house, with 2 cars, in a nice neighborhood, with a white picket fence is a necessity, and anything short of that is somehow “unfair” and “frustrating”.

Living in the United States of America provides unlimited options, with unlimited possibilities. But nothing in this life is free, every option requires hard work and sacrifice, planning, good health, and a little good luck.

Pray hard, work hard, and quit thinking that somehow you are a victem of the life that you have chosen or have been delt. No one is entitled to going to university, or owning a home, or only working 40 hours a week . That used to be called “The American Dream” not the “American Entitlement”.

Do you think that any of us who are “frustrated” aren’t 100% greatful for what we have? I’m sure that you have complained a few times in your life about pety things. So, should we not strive for anything b/c there are those who are less fortunate? We should just give up on living a life that is comfortable (or striving to live a life that is comfortable) b/c of the blessings we’ve received? On a spiritual basis, those here in America as well as other developed nations are at a far GREATER risk of spiritual poverty. To think there are those who manage to fight that risk and still end up with a house and cars and some wants. Do you think we should all give up providing for our families and live in poverty to be in unity with those less fortunate?

BTW I’ve worked with illegals from Mexico living in the same conditions just trying to earn money so their families can afford to eat back home in Mexico.

 

[ecp007]

Do you think that any of us who are “frustrated” aren’t 100% greatful for what we have? I’m sure that you have complained a few times in your life about pety things. So, should we not strive for anything b/c there are those who are less fortunate? We should just give up on living a life that is comfortable (or striving to live a life that is comfortable) b/c of the blessings we’ve received? On a spiritual basis, those here in America as well as other developed nations are at a far GREATER risk of spiritual poverty. To think there are those who manage to fight that risk and still end up with a house and cars and some wants. Do you think we should all give up providing for our families and live in poverty to be in unity with those less fortunate?

BTW I’ve worked with illegals from Mexico living in the same conditions just trying to earn money so their families can afford to eat back home in Mexico.

I am responding to comments from many posters, and the article from the original thread, which says things like:
"But, for many living in Generation Debt, paying with plastic is the only option. There is simply no choice.

“They’ve got student loans, credit cards. And, that first job didn’t pay them 100-thousand dollars.”

It’s like playing an endless game of catch up with no way out. And, it’s taking its toll. Because of spiraling debt, 44-percent of young people put off buying a home, 28-percent delay having children and 18-percent put off getting married. "

This pessimistic, negative, and defeatest attitude leads to frustration and poverty quite frankly, and not financial success.

People need to understanding that struggle, and inconvenience, and sacrifice, are steps on the path to financial security, not an endless cycle that they will never be able to break out of. It is the people that are frustrated with their current situation, and jump into more debt than they can afford (such as credit cards, or too high a mortgage) that will end up in bankrupsy 5-10 years down the line. People who are willing to live a temporary life of inconvenience and save and plan (like the Mexican migrant workers, or my parents when they came from Cuba, or the workers in India) will be the wealthy people of tomorrow.

 

[ecp007]

Do you think that any of us who are “frustrated” aren’t 100% greatful for what we have? I’m sure that you have complained a few times in your life about pety things. So, should we not strive for anything b/c there are those who are less fortunate? We should just give up on living a life that is comfortable (or striving to live a life that is comfortable) b/c of the blessings we’ve received? On a spiritual basis, those here in America as well as other developed nations are at a far GREATER risk of spiritual poverty. To think there are those who manage to fight that risk and still end up with a house and cars and some wants. Do you think we should all give up providing for our families and live in poverty to be in unity with those less fortunate?

BTW I’ve worked with illegals from Mexico living in the same conditions just trying to earn money so their families can afford to eat back home in Mexico.

I am responding to comments from many posters, and the article from the original thread, which says things like:
"But, for many living in Generation Debt, paying with plastic is the only option. There is simply no choice.

“They’ve got student loans, credit cards. And, that first job didn’t pay them 100-thousand dollars.”

It’s like playing an endless game of catch up with no way out. And, it’s taking its toll. Because of spiraling debt, 44-percent of young people put off buying a home, 28-percent delay having children and 18-percent put off getting married. "

This pessimistic, negative, and defeatest attitude leads to frustration and poverty quite frankly, and not financial success.

People need to understanding that struggle, and inconvenience, and sacrifice, are steps on the path to financial security, not an endless cycle that they will never be able to break out of. It is the people that are frustrated with their current situation, and jump into more debt than they can afford (such as credit cards, or too high a mortgage) that will end up in bankrupsy 5-10 years down the line. People who are willing to live a temporary life of inconvenience and save and plan (like the Mexican migrant workers, or my parents when they came from Cuba, or the workers in India) will be the wealthy people of tomorrow.