Inescapable debt for 20% of millennials

[midnight rambler]

They will pass from this world as permanently in debt, never to be debt free. (((They))) have done a superb job of getting everyone into debt to (((them))).

https://www.cnbc.com/2019/01/08/1-in-5-millennials-with-debt-expect-to-die-without-ever-paying-it-off.html

[Hitch]

They will pass from this world as permanently in debt, never to be debt free. (((They))) have done a superb job of getting everyone into debt to (((them))).

https://www.cnbc.com/2019/01/08/1-in-5-millennials-with-debt-expect-to-die-without-ever-paying-it-off.html

You know, for all the generations...I think millenials got the short end of the stick. It's really either sink or swim with them. They were raised and sold a bunch of lies, and fed by the media their whole lives.

I will say this. Millenials can surprise you. Some of them are the toughest hardest working fuckers you will meet. The others, the most worthless.

[BrewTech]

The contemporary debt system is designed to be inescapable. Taxes to pay interest on unpayable government debt erase any extra earnings that could be used to pay off personal debt.

When the money is privately owned and can only be acquired by borrowing (at interest)... well, there you go.

[midnight rambler]

The contemporary debt system is designed to be inescapable. Taxes to pay interest on unpayable government debt erase any extra earnings that could be used to pay off personal debt.

Two words: student loans. Bankruptcies don't discharge student loans, student loan debt follows 'em to the grave, 100%.

[singular_me]

from the OP article... picture is worse

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Just over 60 percent of millennials (classified here as those aged 18-37) with debt don’t know when, or if, they’ll ever be able to pay off what they owe, according to a new CreditCards.com report. That includes roughly 42 percent of millennials who don’t know when they’ll be able to wipe out their debt, and almost 20 percent of those who expect to die in debt.

[mamboni]

Two words: student loans. Bankruptcies don't discharge student loans, student loan debt follows 'em to the grave, 100%.
Well they can thank Bubba Clinton for that little wrinkle. Yet the majority of these snowflakes vote Democrat and support Hillary; so, they're thanking the proverbial butt fuckers for their screwing.

[End Times]

Being in debt to machines (banks) is merely a matter of business. As such, strategic default (defaulting because the debt is odious or otherwise immoral, though still payable) or outright bankruptcy are nothing but "business decisions." There IS NO moral dilemma in either strategic default or bankrupting on debt to machines. Anyone who says otherwise is your enemy.

Conversely, however, if you owe a real human being $20, you should pay him. This is a matter of morality.

Yes, student loans are almost never dischargeable in Chapter 7, but there are "options" even for that. The smart man or woman will figure it out. Most student loans are issued on fraud, with the the knowledge of both lender and channel (the "school") that the borrower is being cheated. Any "loan" above 10% simple interest is immoral, and therefore the borrower has zero culpability if they simply choose not to repay it. And as we here at GSUS know, nearly all "money" is fraudulent, too, generated via sorcery from nothing - hence, the lending machine doesn't actually "loan" shit.

[End Times]

Well they can thank Bubba Clinton for that little wrinkle. Yet the majority of these snowflakes vote Democrat and support Hillary; so, they're thanking the proverbial butt fuckers for their screwing.

It actually began under Ford, in 1976. Prior, "educational" loans were dischargeable. Biden's pet bill in 2005 made it even worse, for all debt.

[singular_me]

Millennials with debt owe an average of $36,000—and paying it down isn’t their top priority
Nov 15 2018
Millennials who carry debt owe an average of $36,000 each and spend around 34 percent of their monthly income paying it off, new data from Northwestern Mutual’s 2018 Planning & Progress Study finds.

That’s similar to the amount of debt older generations have, according to the survey. Baby boomers with debt hold an average of $39,000 and comparable Gen-Xers have an average of $36,000.

https://www.cnbc.com/2018/11/14/millennials-with-debt-owe-an-average-of-36000.html

[madfranks]

Two words: student loans. Bankruptcies don't discharge student loans, student loan debt follows 'em to the grave, 100%.

While the concept of loaning someone money so they can pursue higher education isn't wrong, the contemporary student loan industry is nothing short of evil. I'm more than 10 years out of grad school, consider myself highly successful (easily more successful than 90-95% of my peers), and owe MORE today than the day I got out of school. Some tough times when the economy collapsed in '07-08, coincidentally right after I got my masters, left me with no other option than to defer my loans due to hardships, but the interest and fees stacked ridiculously high during those months (not even one year, just months), so much so that today having made consistent payments for ~9 years, I still owe more than when I started. I've got a plan to pay them off, which should happen in the next couple years, but honestly these loans are extremely predatory.

[madfranks]

Baby boomers with debt hold an average of $39,000 and comparable Gen-Xers have an average of $36,000.

And what's even more disgusting is taxing the Gen-Xers who hold just as much debt as the boomers to pay the boomers their social security checks. Thought experiment: what if we taxed boomers to pay support checks to Gen-Xers??

[cheka.]

You know, for all the generations...I think millenials got the short end of the stick. It's really either sink or swim with them. They were raised and sold a bunch of lies, and fed by the media their whole lives.

I will say this. Millenials can surprise you. Some of them are the toughest hardest working fuckers you will meet. The others, the most worthless.

imo the lack of knowledge about money/debt is the root of the problem. those that should have taught them are stupid (parents) and corrupt (skoolz)

[latemetal1]

Learn to work cash jobs, and read the rule book thoroughly or leave America. I have no debt, and credit cards are paid in full when due, screw the banker.