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Good Debt Does Not Exist!

I am rather young and I have supposedly been the one with my head on straight. If that is the case then why do all the screwballs have less debt then me. I will tell you why! They did not feel a need or pressure to go to a good college. They may have attended community college for a while. I currently am in an envious status of these irresponsible young adults. I am on my way to the Bachelors degree and supposedly the good job. I hope for a job. I am doing accounting supposedly they still need those, but we will see soon enough. They don't have that so called professional future. They have nothing really at all. Most of my friends debt amounts to a few thousand $ for an old car and maybe an unpaid cell phone bill. That is it! I have no traditional debt at all but yet a debt burdens me. I have the worst debt anyone can attain and that my friends are student loans. When I graduate my piece of paper that cost me opportunity and 5 years of my life will amount to $45,000. I have a hard time looking forward to graduation when I have to look forward to that. If I have any advice for the young it is to think throughly and carefully about how you pay for college. Half of my debt is private lenders and the other half federal student loans. It is the private ones that I am afraid of. If you have children in high school take an active role and don't let student loans ridiculously add up on them. Oh and yes student loans cannot be put in bankruptcy. They will follow you until they are paid off or you die. They can garnish your wages and take your assets. Just Say NO to Private Student Loans and any if you must. Go to community college 1st it is equally as valid and saves a heck of a lot of money. Peace and Love- K
Ksjourney Ksjourney 22-25, F 4 Responses Sep 22, 2010

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I was in trouble with payday loan and don't know what to do but my brother in law told me about a payday loan consolidation company called Be Free Financial, I gave them a call and talk to Will he assisted me and explained how the program works, now i'm saving 100's per month on my payments. Call 407-949-0305

You are far more fortunate than you realize. Do whatever you must to pay off your debt, the sooner the better. The primary reason I have enough money saved to live off the income is because I did not pay "interest" to anyone. When I needed to rent a home, I paid six months CASH in advance which gave me a significant discount. Rents are high because the landlord has to take into account the tenant that is late or simply doesn't pay. Pay six months in advance and that $850 per month rent becomes $600. Pay your present debt, don't borrow and always get a cash discount. Avoid or eliminate credit cards. I'm not saying it's easy, especially in the beginning. But, in short order you will be the master of your financial universe. Save every dime and you will be able to retire at a fairly young age (I retired at 57). The worst financial mistake you can make is to believe you can borrow your way to prosperity. Debt is the paved road to bankruptcy.

I agree with you completely. I wish somebody would have told me that before I went to college. It seems that a lot of people think that the student debt is normal and ok. I do not believe that now and I will scream it to all incoming freshmen. You have had a great life. I want nothing more than to travel, become bilingual, and be happy.

Going to college was not an option for me. I hated school and received my high school diploma by the skin of my teeth. I enlisted during Vietnam and was recieving $47 every two weeks when I got married. Our rent was $80 per month. Yes, 85 % of my pay went to rent. When food ran out, we lived on peanut butter, jelly and popcorn. We could not afford the fuel to heat the house so we turned on the stove and fanned the heat through the house with a towel. Our first car was a 1960 Corvair which ate oil had four bald tires and no spare.



I am now retired. We have lived in two foreign countries, traveled through 21 countries, paid cash to put our children through college, have a fully paid custom built home and zero consumer debt. We have enough savings to live off the income produced until we die. No matter how hungry we were, no matter how bad we wanted something, WE NEVER BORROWED MONEY. If we wanted something we saved first and purchased AFTER we had the money. I have no idea what my credit score is and don't care. I have never had a collection agent call and sleep very well at night. If I had gone to college, I strongly suspect the outcome would have been far less enjoyable. the debt would have made the difference. Debt would have chained me down.



As it is, I speak Japanese, Mandarine, French and I'm working on English. I've driven across India, spent an evening with my wife and children on the Ginza in Tokyo, been on the 83rd floor of the Empire State Building, explored the slums of Manila and have been in all fifty states, including living in Hawaii for three years. The point is that while an education is great, it is not essential. If you have to go into debt, it's probably not worth it. LIfe can be great without debt!