Young Adults Sinking Into Debt

[Ornery]

WTF do you care, since you "make more money than I know what to do with." Hell, you could buy a couple of those $20K go-karts and throw 'em in the trunk of your Bentley! :roll:

 

[Colt45]

I drive a 16 year old car, but it looks pretty modern, it's AWD, it's cheap,

I have to fix it myself if i don't want to break the bank, but thats ok.

 

[Koing]

I'm finishing Uni in 6 months and I won't have any debts.

I drive an old 'economical' car on the weekends as I commute on my bike and train to Uni.

I have the spent more then your said items over various types of walkmans over the years and two sweet pair of Oakley sunglass's.

I don't drink so that saves me BIG £££ and when I do I'm a get buzzing pretty quick also.

My pc is not upgraded until a few generations and the I don't game on it.

I also work and save a lot of my money as I'm sensible like that

Koing

 

[Specabecca]

Originally posted by: Ornery
Where do these numbnuts get the idea they "just have" to have a new car?

Bah, I already know it's "peer pressure", and "keeping up with the Jones'", so I don't feel too sorry for any of them! :|

They listen to people like salesmen and women as though they speak the truth, not a sales pitch. They think if they can make payments for x amount of years, it breaks down to something feasable rather than a 15-25k hit to their bank accounts.

It boggles my mind too. At 26, I have fantasies of paying off my mortage, a robust 401k, and of course, out doing my brothers over the top gifts to our parents. It's not going to happen anytime soon. Course, it won't ever happen with the mentality that I am entitled to the latest and greatest in fashion and technology. I know I can't have it all and be where I want to be in 5 years, so I've set my priorities. Hopefully, they can too.

p.s. fallenangel, thanks for demonstrating Ornerys point.

 

[Fenixgoon]

people just need to understand how CC debt works, and once they see that the minimum payment of $25 on $1000000000 means nothing because of interest rates, then they'll stop putting so much on the CC (or paying the balance in/close to its entirety).

 

[Ryan]

I'm 20 years old and have a new car - I find it to be ironic

 

[Gibson486]

I just finished coop and i made 17k in 6 months....that was much more money than i knew what to do with...How much of that 17k do I have left now? about 4k with $700 in cc debt (too be paid off next month). Sucks being a college student cause i have no idea where all my money went After rent, gas, and cost of living in boston, i would have aimaginied i wold have 7k left after coop...i guess i need to manage my money better.

 

[Kilrsat]

Originally posted by: mcveigh

Originally posted by: fallenangel99
im a college graduate (may 2004). and i NEED a new card. i have been using my parents car to get to car, but now my brother is graduating and he needs the car during winter break + next semester (he got a co-op job)

so now i have to buy a new car.. i dont want to buy a used car or anything like t hat

but yeah.. i have loans, no cc debt, and soon car loans/insurance

you don't need a new car you want one. just get a good used car. heck a friend of mine got an older lexus for 9000 that still turns all the girls heads.

My El Camino turns heads, even gets the occasional picture, and it sure was less than $9000.

 

[Ornery]

Consumers and policy makers need to pay just as much attention to how much fees cost, are accessed and disclosed as they do to interest rates...

Oh, woe is us. We need our blue state policy makers to make laws to protect us from ourselves!

 

[DeeKnow]

in general, money will flow from stupid people to smart people....
if you;re in college and get in debt cause you need a new car, you're stupid. simple, really....

 

[fallenangel99]

i have a full time job that pays well. like i said before, my brother needs the car im using now. i manage my money really well and have no credit card debt. my loans will be payed off in about 6 months (rather than paying them off for 20 years). the article talks about avg. cc debt of ~2000+ and students missing payments (something i've NEVER done and never will)

oh yeah, did i mention that my parents will pay about $5000-$7000 towards a new car? the first car we got was a used car and its been a pain in the butt. why not spend the extra money and get a new car? no "peer pressure" or trying to "keep up with the Jones').

besides, i've got enough money in my checking to pay 85% for an acura rsx

 

[everman]

I'd rather go with something older, easy to work on if need be, and still looks good. At least in the LA area that's pretty easy to do.

 

[mwtgg]

Originally posted by: fallenangel99
i have a full time job that pays well. like i said before, my brother needs the car im using now. i manage my money really well and have no credit card debt. my loans will be payed off in about 6 months (rather than paying them off for 20 years). the article talks about avg. cc debt of ~2000+ and students missing payments (something i've NEVER done and never will)

oh yeah, did i mention that my parents will pay about $5000-$7000 towards a new car? the first car we got was a used car and its been a pain in the butt. why not spend the extra money and get a new car? no "peer pressure" or trying to "keep up with the Jones').

besides, i've got enough money in my checking to pay 85% for an acura rsx

Or you could save that money and get a well-maintained newer car.

 

[txxxx]

Originally posted by: Excelsior

Originally posted by: Mermaidman

Originally posted by: fallenangel99
im a college graduate (may 2004). and i NEED a new card. i have been using my parents car to get to car, but now my brother is graduating and he needs the car during winter break + next semester (he got a co-op job)

so now i have to buy a new car.. i dont want to buy a used car or anything like t hat

but yeah.. i have loans, no cc debt, and soon car loans/insurance

thus proving Ornery's point

haha.

HEHE!!!!

Im a student. On a good part time job at University. Balancing it well.

Yeah I got an MP3 Player , 256MB USB device. Car is on the way, a nice 306 DTurbo which can hapilly do 55MPG+ as I intend to use my car to go up and down the country. Second hand ofcourse.

Paid tuition. Got a decent laptop, Athlon64 DTR thing which I happy drag along. Havent upgraded my PC in 2 years, its busy as a server, now that im doing computer science, and use it more to develop and server.

No debt (apart from student loan, interest rate is 2.6%, measily as I see it as a good investment) , no credit cards, have an overdraft which I dont use.

End of the day, all I can see happening is kids abusing credit and loans, as banks know they're an easy target. They BOTH know what they're doing. Yet they choose to.

The best thing about the news article makes it out that they're the victims?

Right...

 

[Supermercado]

I'm 22, graduated in May 2004, and the only debt I have is my student loans. I'm going to need a new car before long. Mine's almost 16 years old and it's seen better days. I'm still trying to find a job, though, so I'm making due with what I've got. If I get a job here in town, my parents have already said that I can continue living here paying a lot less than I'd be paying if I lived somewhere else totally on my own. I'd like to move out, sure, but if living at home will let me get a new car before long and put money away for retirement, I'll take it. That and I'm still paying my loans off. That's obviously priority #1.

 

[Anubis]

im 23 and have ~17000$ of debt and am adding about 30K more to that in tne next 2 years


YEAH SCHOOL

 

[vi edit]

I'd put a paycheck on it that most of these kids have parents that are up to their eyeballs in consumer debt as well. They never learned money management and just fell into the cycle.

I graduated with about $4k in credit card debt and about $14,000 in student loans. The CC debt I had paid off in under a year and the student loans I'm not in much of a hurry to pay off. They are down to about $7,000 now and I only pay 2.2% interest all of which is tax deductible. No real major rush to get rid of that $90 loan payment.

I've seen far too many people make poor college choices concerning the school they went to, and the degree they chose. Getting a degree in drama and racking up $80,000 in loans is just asking for trouble. The girl I know that did this is jockeying a phone at a car dealership now.

Not to mention the endless see of liberal arts majors that barely making above minimum wage doing who knows what but are carrying around $30,000....$40,000....$50,000+ in student loan debt.

Be smart about what school you choose, and what kind of income you are looking at when you get out.

 

[Pliablemoose]

Originally posted by: mwtgg

Originally posted by: fallenangel99
i have a full time job that pays well. like i said before, my brother needs the car im using now. i manage my money really well and have no credit card debt. my loans will be payed off in about 6 months (rather than paying them off for 20 years). the article talks about avg. cc debt of ~2000+ and students missing payments (something i've NEVER done and never will)

oh yeah, did i mention that my parents will pay about $5000-$7000 towards a new car? the first car we got was a used car and its been a pain in the butt. why not spend the extra money and get a new car? no "peer pressure" or trying to "keep up with the Jones').

besides, i've got enough money in my checking to pay 85% for an acura rsx

Or you could save that money and get a well-maintained newer car.

And try to retire as a multi-millionaire.

People my age make me crazy-I'll be 45 next year, and don't have to put anymore $ towards my retirement.

Only debit is our house, & I want inflation to eat up some of the cost of it, but have paid ~$7k extra this year.

Just ordered a Nikon D70, it'll cost me ~$378 after BCG, selling my old digicam on eBay, along with the free after rebate printer, etc...

We gave our 12 & 15 year olds notebook computers for Christmas.

Friends my age are in debit for their $35k Suburbans, $250k houses and they just get a blank look on their face when I talk about having my retirement taken care of. You can tell they're fvcked, there's no way for them to make up the $/time value of retirement savings & living frugally.

Their Suburbans will be worn out, they won't be able to pay the taxes/insurance/utilities on their homes when they're retired.... They're fvcked & you younger people will be paying through the nose to keep their Social Security plans solvent.

PSA, buy a used car & wear it out, it's last trip should be to the junkyard.

 

[EyeMWing]

Originally posted by: vi_edit
I'd put a paycheck on it that most of these kids have parents that are up to their eyeballs in consumer debt as well. They never learned money management and just fell into the cycle.

I graduated with about $4k in credit card debt and about $14,000 in student loans. The CC debt I had paid off in under a year and the student loans I'm not in much of a hurry to pay off. They are down to about $7,000 now and I only pay 2.2% interest all of which is tax deductible. No real major rush to get rid of that $90 loan payment.

I've seen far too many people make poor college choices concerning the school they went to, and the degree they chose. Getting a degree in drama and racking up $80,000 in loans is just asking for trouble. The girl I know that did this is jockeying a phone at a car dealership now.

Not to mention the endless see of liberal arts majors that barely making above minimum wage doing who knows what but are carrying around $30,000....$40,000....$50,000+ in student loan debt.

Be smart about what school you choose, and what kind of income you are looking at when you get out.

Amen.

"How much debt will I end up with after 4 years" is the first thing I looked at.

 

[mwtgg]

Originally posted by: vi_edit
I'd put a paycheck on it that most of these kids have parents that are up to their eyeballs in consumer debt as well. They never learned money management and just fell into the cycle.

I graduated with about $4k in credit card debt and about $14,000 in student loans. The CC debt I had paid off in under a year and the student loans I'm not in much of a hurry to pay off. They are down to about $7,000 now and I only pay 2.2% interest all of which is tax deductible. No real major rush to get rid of that $90 loan payment.

I've seen far too many people make poor college choices concerning the school they went to, and the degree they chose. Getting a degree in drama and racking up $80,000 in loans is just asking for trouble. The girl I know that did this is jockeying a phone at a car dealership now.

Not to mention the endless see of liberal arts majors that barely making above minimum wage doing who knows what but are carrying around $30,000....$40,000....$50,000+ in student loan debt.

Be smart about what school you choose, and what kind of income you are looking at when you get out.

I know someone who is going to Cornell majoring in art.

 

[Ornery]

...if living at home will let me get a new car before long...

So, you're going to parlay that savings into "a new car", eh? :roll:

In the 30 years I've been driving, I've NEVER purchased a new car, and very much doubt I ever will. If I were in a situation where I could be saving a decent chunk of money, it would also NOT be squandered on "a new car". Ever think about saving money for a down payment on your own piece of property? Wow, there's a novel concept, eh?

 

[txxxx]

Originally posted by: EyeMWing

Originally posted by: vi_edit
I'd put a paycheck on it that most of these kids have parents that are up to their eyeballs in consumer debt as well. They never learned money management and just fell into the cycle.

I graduated with about $4k in credit card debt and about $14,000 in student loans. The CC debt I had paid off in under a year and the student loans I'm not in much of a hurry to pay off. They are down to about $7,000 now and I only pay 2.2% interest all of which is tax deductible. No real major rush to get rid of that $90 loan payment.

I've seen far too many people make poor college choices concerning the school they went to, and the degree they chose. Getting a degree in drama and racking up $80,000 in loans is just asking for trouble. The girl I know that did this is jockeying a phone at a car dealership now.

Not to mention the endless see of liberal arts majors that barely making above minimum wage doing who knows what but are carrying around $30,000....$40,000....$50,000+ in student loan debt.

Be smart about what school you choose, and what kind of income you are looking at when you get out.

Amen.

"How much debt will I end up with after 4 years" is the first thing I looked at.

You missed experience. I have a few friends who are educated but have NO work experience in their whole lifes. How do you expect an employer to take you seriously?

 

[sniperruff]

this is just like the lawsuits against the fastfoods... or the video game industry

when you are stupid enough to eat mcdonalds every day and supersize it and turns into a 500-lb blob, it's mcdonald's fault for selling food.

when your kids buy a copy of GTA and steal your gun when you don't watch over your own kids, it's rockstar's fault.

too many stupid people these days.

 

[mwtgg]

When I get money, the first thing I think of is not "Hey what can I buy with this?", the first thing I think of "Hey, this money would look nice in my bank account."

How many others are like that? Who knows, but I know it's a good thing for me to do.

 

[sniperruff]

Originally posted by: mwtgg
When I get money, the first thing I think of is not "Hey what can I buy with this?", the first thing I think of "Hey, this money would look nice in my bank account."

How many others are like that? Who knows, but I know it's a good thing for me to do.

nah i just pile money up and think it'd be good for the rainy days or when i need to go back to school for another degree. money is never quite enough for me since my famiy is poor.

but yeah when i get my paycheck i don't really think what i can buy with that.