Um, I thought it was causing economic hardship and difficulty with basics: rent, food, utilities, etc.
Itâs worth noting, many recipients do also say they are likely to use the money on essential purchases. The pluraily (75%) will put the money toward groceries, 66% rent/mortgage payments, 65% credit card debt, 62% transportation-related costs, 60% medical care/debt, and 40% childcare.
This was in the same report as well. Itâs not like they get $10k deposited into account.
Theyâre gonna do both, is that what the report is saying? Itâs confusing to that extent.
Bottomline, it does seem that theyâre not going to eat_at_home or buy a cheap used phone or go to the local park instead of traveling,dining out or new tech till they pay off their loans.
Btw, tightening belts till debt is paid is not unusual. Most people have done that when they had crushing student loans I presume, because the logic behind student loan debt forgiveness was that the debt was crushing them.
Now those people are screwed then the payments resume. Theyâve racked up more other debt, so itâll be even more difficult to make student loan payments. Iâm honestly not surprised. This whole notion that we expect people to act rationally is continually proven wrong.
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Itâs only meant for emergency, and we are no longer in emergency. So I donât see any reason to keep dragging it on. The median student debt is about 30k or so. Itâs not even that much if the degree is a useful one. 30k is about the same as price of a small car.
The worst is people taking a 100k loan to do some crazy journalism degree in Columbia and then get a freelance âjournalistâ job. But there are very few of these pathological cases. Most people are far more sensible.
Student loan is simply not as big a problem as media makes it out to be.
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Why should anyone keep out of debt when our nation has trillions of debt? If the US owes $100K for every man, woman, and child here, what does it matter if you personally took out an extra $3K in credit card debt?
I feel like at this point people are living like the end is near.
I think it desensitizes people to it. I remember when the debt hit $3T and that was a huge deal. Add in the crazy irresponsible spending that people flaunt on social media, and the average person is going to end up in massive debt.
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The median student debt is around 30K. That means about half the students graduated with less than 30K.
Big problem? I mean itâs just what two Taylor Swift concert tickets cost. I donât know.
OK. So youâre saying people should be hawking Taylor Swift tickets to pay back their loans. Brilliant
I am saying 30k for a college education isnât that big of a deal. Assuming that college degree is even remotely useful.
I was also told recently that a wedding costs about 50k, everything from photos to venue to catering included.
And tons of people buy these big ass trucks costing 60 or 70k and the only cargo they ever carry are the things they buy at Costco.
Speaking of which, my nephew (my Big Broâs son) just proposed and she accepted. She would be crazy not to accept, since my nephew will likely get half of his dadâs fortune⌠oh $10-15M at least??? Lucky son of a *****!!!
Your nephew is also going to get some of yours right? Assuming you didnât spend it all in Singapore.
Slow down there!!! Thereâs the haves and the have nots. Those $50K weddings are being paid for by people who put their kids through college. The kids taking out loans are eloping because they canât throw the party and neither can the parents.
If having a college degree doesnât boost the kidâs lifetime earnings by at least 30K plus interests then yes, definitely donât go to college.
So donât major in English if you donât come from a wealthy family.
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Nope, he has enough. My favs are on my sisterâs side, the half caucasian/chinese ones. My niece is so grounded, that Uncle Dragonboy will have fun spoiling her later.
The girl whoâs majoring in English at Oxford? Oh yeah sheâs gonna need your moolah.
Uh, no. Dadâs a general surgeon.
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See my point? Only kids with rich daddyâs can afford to be English majors.
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Too bad itâs not a tax-deductible way to support colleges. 