Aggregate numbers can’t tell the whole story. Neither do averages. To figure how bad this is or the true significance, you need to break down the data.
$18.2 TRILLION Consumer debt
- Thread starter DANC
- Start date
Bottom has two lines.
One is indeed costs being excessive.
The second, which not many want to review,
is the content, execution, and expectation
of today's 'higher' education cartel.
If a young person and cosigners willingly borrow $100k, what is the value delivered to them? If the graduate cannot secure a job enabling repayment and a reasonable standard of living.,what is the value?
Who says they have to choose different career paths? Why can't they pick the path AND also actually plan to pay for it? Mortgaging one's future via student loans in a field that won't pay the bill that comes with learning it seems counterintuitive no? Why not instead work your way through that education on a pay as you go basis?
I find the whole idea of being constantly in debt for buying shit you can't afford to be mind boggling. I spent most of my life just trying to keep my head above water, and learned how to do without. I would have been sunk if I'd gotton on the credit card carousel.
As far as the topic goes, yeah, including mortgage debt in the total is silly. It's an appreciating asset, and you have to assume the vast majority of mortgage debt is offset by home equity. Mortgages shouldn't be in the same conversation as credit cards and personal notes and whatnot.
I’m pretty proud of the fact that the only debt I have is my mortgage and car payment. I’m toying with selling my house over the next few months and will have my car paid off in 15 months (if I only make minimum payments).
That wasn’t always the case. I was on the credit card carousel you mentioned in a different life and it was unbelievably stressful. It’s weird to me that some people are cool with paying the minimum and just carrying that debt around effectively for the rest of their lives. Tipping my hand a bit, that lack of understanding on my part is probably a significant part of the reason I’m no longer married.
Mass, All4, appreciate your comments.
My posts were an attempt to at least consider a program suggested by Highlife along with how the program might decide who is eligible along with what careers to pursue.
It seems logical to me that to be eligible a student doesn't have the funds to pay for his own education. On top of that, if the taxpayers are going to help, the student should be educated in a field the country needs along with the field providing sufficient income to repay any debts accrued.
The benefit to the taxpayers being careers are being filled the country needs along with more high income workers paying taxes.
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I follow the Charlotte market pretty closely, since we are thinking of relocating farther north of the city.
Prices are dropping like crazy, probably because they went up so quickly around Covid and after. My neighbor has dropped theirs $40k and can't get any lookers (over 55 community).
We put an offer on a larger place in Florida and put our condo up for sale. 10 lookers the first open house (probably neighbors) and none since. We've got it priced high, because we don't have to sell, but other similar condos are selling more prior to this year.
I'm surprised prices are going up in the Northeast, since so many of the retirees have moved south.
I guess the Midwest is still strong because there hasn't been enough new building.
We bought our place in November 2003.
8 year old home with small acreage, + 40x30 pole barn.
As of this evening Zillow's estimated selling price is 252% higher than we bought it for.
Insurance and property taxes are gruesome.
Boone County Indiana is on fire with development, investments and growth.
Yeah, Hamilton County is filling up and now Boone County is crazy.
Makes me sad to see all that good farm ground being paved over....
Why the State does not surcharge farm ground being developed and allocate funds to encourage infill development in cities...infrastructure is in place, fire, police, transit....lots of condemned, empty structures..is a mystery.
Indy has a neighborhood just northeast of Methodist/IU Health wherein the houses, abandoned, rough...yet in the past were beautiful homes...were rehabbed, upgraded, sidewalks, streets, a complete effort by city, private, and corporate interests.
It can be done. If these ****ing politicians would ever decide to put the interests of the communities they presume to represent ahead of their own self-dealing, it can be done.
My cousin's son bought a place kind of in that area, close to College. He did have a bullet go through his wall on a drive by, but the value of his place is going up.
Last time I drove up College coming from downtown to Broad Ripple, I was surprised how good the houses looked and how the neighborhood had changed for the better. Same thing is happening in Charlotte, but there are few deals to be had. My daughte and son-in-law moved into a 'transitioning' neighborhood and they have a nice house, but the ones on either side that are falling apart are selling for $300k - $400k.
Seems the trend in their neighborhood is duplexes. Really nice ones, but definitely more investments than for personal housing.
I see plenty who have useless degrees but certain things like engineering, accounting, medical, etc do require degrees. I know of one young gal who got a degree in anthropology and now works in a bar.
Yup- study liberal arts or basket weaving and do not intend on pursuing graduate degree, hope you enjoy retail management
Consumer spending down in May, personal income down for the first time in 4 years, and inflation rising again...
