Anyone here amassed a lot of debt?

[gustavofring]

Well not everyone here who goes to college has debts, SteppenWolf.

Like I said, with me it's a result of depression, anxiety, naivity with spending money, not having much guidance and support etc.

But yeah, maybe the Western World has invented more clever ways to trap people into debt. Especially for those who fall out of the boat for whatever reason and have trouble getting back up there, because everything is pretty expensive here. Maybe in third world countries there's not much to pluck from people in general.

 

[coyote]

i have had very large debts in the past, but i've managed to get out from under most of them

but i'll probably never be given a loan or credit of any kind again

 

[Section_31]

mine was sheer and pure stupidity. nothing else. And ive no one but myself to blame.

I got nito my first brand new truck. I was young, naive, stupid, i fell for the shiny. That was in 2006. If id stuck with that one and paid it off it wouldnt have been so bad, id be debt free by now. But no, stupidly, in 09. i flipped it for a trade on an already upside down equity bigger model. Fun sure, but the thing financially ruined us. I had 47 k hanging over my head for a vehicle i didnt have anymore. Ive knocked it down to 22 and its still falling, but its going to be 2 more years before were free of that. And thats not counting my wife's student debt of 20+ k.

I dont MIND student debt, at least THAT has a positive and constructive reason. Mine was just sillyness and didnt have to happen, and its a lesson i learned the hard way. Never again!. Thats also not counting my line of credit my bank gave me. Luckily i didnt run it all the way up but it was halfed. I only recently took care of that.

Between the 2 of us we were pushing almost 70 k. That was out collective "omfg" moment. lol.

Unfortunately north american society is VERY riddled with easy to get credit, even after the recession. Its a trap thats very easy to fall into and you dont realize just how long it takes to climb back out.

The system cant keep going like this. It might take another few generations but eventually it'll colapse.

 

[coyote]

my plan is to find a rich woman to keep me

 

[laure15]

my plan is to find a rich woman to keep me

I heard there's a tycoon in HK willing to pay $65 million to any man who can win his daughter's heart. Might wanna give it a try:

HK tycoon offers $65M dowry for gay daughter - Yahoo! News

 

[AsTimeBurns]

I still have about... 20k of student debt I think or something ridiculous like that. I only have to pay back a tiny bit a month though, it's like £20 or something.

 

[Lea]

I still have about... 20k of student debt I think or something ridiculous like that. I only have to pay back a tiny bit a month though, it's like £20 or something.

What is 20k? 20.000 pounds? Is that like negligible amount? Sorry to me it seems like s*itload of money. I wonder how people have the strenghth to pay back debts. I would never take a loan I guess even if I was dying of hunger. I have borrowed money in emergencies from friends a couple of times but it wasn´t much and I paid it back as soon as possible. I am very careful with money and don´t want to risk much, and borrowing money is a risk.

 

[Section_31]

What is 20k? 20.000 pounds? Is that like negligible amount? Sorry to me it seems like s*itload of money. I wonder how people have the strenghth to pay back debts. I would never take a loan I guess even if I was dying of hunger. I have borrowed money in emergencies from friends a couple of times but it wasn´t much and I paid it back as soon as possible. I am very careful with money and don´t want to risk much, and borrowing money is a risk.

Very good mindset lea, and once im debt free this is the policy ill be following.

How do you pay that much back?. The truth is i try not to think abhuot the numbers. I check it once a month. Otherwise i feel overwhelmed and want to panic.

How do you eat an elephant?. Once piece at a time.

 

[gustavofring]

Yeah, having debt is bad and inconvenient.

But will worrying help? No. There's no way to go but forward and make smarter decisions with money.

 

[AsTimeBurns]

£20,000, yes.

I'm not sure on the exact amount, but I think it's roughly that.

 

[Lea]

Very good mindset lea, and once im debt free this is the policy ill be following.

How do you pay that much back?. The truth is i try not to think abhuot the numbers. I check it once a month. Otherwise i feel overwhelmed and want to panic.

How do you eat an elephant?. Once piece at a time.

At least you have a good steady job Gunman. With me, I can never be sure how long that job lasts, that´s one reason I couldn´t take loans. If I can find some sh*tty job at all .

 

[Rembrandt Broam]

Once I get out of school, I have to work, I will always have to give a chunk of my paycheck to them, and if I don't get half-decent job I'll never have money to do anything. I'll just always be in a financial hole it feels like for my whole life.

Here in the UK, I don't think you have to start paying back student loans until you have a job with a salary above a certain amount, so college graduates who have to take low paid jobs when they leave college aren't screwed out of what little they are earning.

I really hate how much debt students are expected to take on to pay for their education. An educated and highly skilled workforce benefits the whole country, and since they'll be earning more in the long term, they'll already be contributing more in future taxes. It seems unfair to make them effectively pay twice.

 

[coyote]

I really hate how much debt students are expected to take on to pay for their education. An educated and highly skilled workforce benefits the whole country, and since they'll be earning more in the long term, they'll already be contributing more in future taxes. It seems unfair to make them effectively pay twice.

it seems like a tool that the rich and powerful are using to make sure the rich get richer and the poor get poorer - the sons and daughters of of the people who can afford the tuition will get to compete in the marketplace, while the children of the people who can't will get to wash their cars

we need a change

 

[JuiceB]

I have a credit card debt to pay off which dealt with something else entirely. As for college students, I'm pretty sure the credit card companies are using the fact that they are still immature and trying to find their way in this world to abuse and take advantage of them.

my plan is to find a rich woman to keep me

Or her daughter.

 

[GraybeardGhost]

it seems like a tool that the rich and powerful are using to make sure the rich get richer and the poor get poorer - the sons and daughters of of the people who can afford the tuition will get to compete in the marketplace, while the children of the people who can't will get to wash their cars

we need a change

Classic Movie Line #50 - YouTube

 

[coyote]

Or her daughter.

or both....

 

[vj288]

my plan is to find a rich woman to keep me

Mine is to win the lottery. Good luck to us both, not that we'll need it