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Young Adults Sinking Into Debt

O

Ornery

Lifer
Tuition, student loans, credit card payments and living expenses add up
  • Josh Dean, Claire Findak and Theresa Mahle are, in many ways, typical young adults. They are college students. Their most expensive possession is a car...
Besides the $300 or more for "needed" MP3 players, $300 for sunglasses, overpriced computers, and/or $300 video cards, the "need" for a new car is what puts most of 'em way over the top. 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! :|
 
i am 22, and have no debt. I also have a nice amount of savings in the bank. I dont understand how people my age can run up thousands of dollars of credit card debt....

 
Originally posted by: brunswickite
i am 22, and have no debt. I also have a nice amount of savings in the bank. I dont understand how people my age can run up thousands of dollars of credit card debt....
Click to expand...

It usually happens when they're in college, and either aren't working, or are only working part-time. Spend a bit here, a bit more there, and after four or five years you're in some serious debt.

Between student loans and credit cards, I've got a bit of it myself, but yeah...there's no way in hell I'm planning on buying a new car, a pair of sunglasses, or an mp3 player anytime soon. Pay off what you've already spent before you go spending even more.

Edit: Then again, I don't regret being in debt, either. I chose not to work full-time in college, and if I had the chance, I wouldn't go back and change that. I'm glad that I was able to enjoy my time in school, and I accepted the fact that I'd be paying it back afterwards.

I think a lot of the young adults in the story, though, just never learned how to manage their money. Once they finally graduate and get out on their own, they go buck-wild buying whatever it is they feel they need.
 
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
 
After college I graduated with more than my fair share of credit card debt as well as student loans. Pretty easy to get into credit card debt when you have no money.
 
Originally posted by: Whisper
Originally posted by: brunswickite
i am 22, and have no debt. I also have a nice amount of savings in the bank. I dont understand how people my age can run up thousands of dollars of credit card debt....
Click to expand...

It usually happens when they're in college, and either aren't working, or are only working part-time. Spend a bit here, a bit more there, and after four or five years you're in some serious debt.

Between student loans and credit cards, I've got a bit of it myself, but yeah...there's no way in hell I'm planning on buying a new car, a pair of sunglasses, or an mp3 player anytime soon. Pay off what you've already spent before you go spending even more.
Click to expand...

exactly.. The concept of buying things that i dont Need and cant afford on high interest makes no sense to me
 
I've never owned a car, having lived in the city through all of college and my first 3 semesters of law school. I plan on getting a used car when I graduate. There's no sense in buying a new one when it will loose a huge percentage of its value in the first two years.

I'll be about 60k in student-loan debt when I graduate. I have no other debts.
 
New car? Who wants one of those POSes when you can have WAY WAY WAY WAY better if you shop around and get somthing older.

You can buy, overhaul and customize a 70's/80's car for what it costs to buy a Civic - if you have the patience.
 
Originally posted by: EyeMWing
New car? Who wants one of those POSes when you can have WAY WAY WAY WAY better if you shop around and get somthing older.

You can buy, overhaul and customize a 70's/80's car for what it costs to buy a Civic - if you have the patience.
Click to expand...

if you need a cheap car that gets you from point A to point B, then a used Civic/Corolla/Camry/Accord is the best way to go. Reliable, low gas milegage, and low maitnance.

 
My car is paid off, my credit card is nearly paid off, next will be my student loans... That is going to take some time though.
 
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
Click to expand...
thus proving Ornery's point 😀
 
Originally posted by: brunswickite
Originally posted by: EyeMWing
New car? Who wants one of those POSes when you can have WAY WAY WAY WAY better if you shop around and get somthing older.

You can buy, overhaul and customize a 70's/80's car for what it costs to buy a Civic - if you have the patience.
Click to expand...

if you need a cheap car that gets you from point A to point B, then a used Civic/Corolla/Camry/Accord is the best way to go. Reliable, low gas milegage, and low maitnance.
Click to expand...

:thumbsup: You can also take a look at any car which is at least 5 to 7 years old. There will be some nice savings for you in them too.😎
 
"Dean, 19, of Madison Township, attributes that to the credit card industry, which actively pursues young adults.
Dean said he has been offered credit cards many times, but he turns them down."

"Findak is confident her finances are in good shape, but she has many friends who are mired in credit card debt.
She thinks credit cards are too easy to get."

The problem here is the student, not the CC company. I could drown myself in loans in order to get a new car (as well as a lot of students), but I'm not going to.
No college student needs a _new_ car anyway.
 
i dont want to buy a used car or anything like t hat

:roll:

THIS is the type of people the article was written about, and who I posted the topic about. I fully realize a lot of people on this board have their priorities straight, and their shlt together.

The people this article was written about, are the ones whining that the credit card companies are "praying" on consumers, and requesting that lawmakers "do something about it!" Idiots! :|
 
Originally posted by: Whisper
Originally posted by: brunswickite
i am 22, and have no debt. I also have a nice amount of savings in the bank. I dont understand how people my age can run up thousands of dollars of credit card debt....
Click to expand...

It usually happens when they're in college, and either aren't working, or are only working part-time. Spend a bit here, a bit more there, and after four or five years you're in some serious debt.

Between student loans and credit cards, I've got a bit of it myself, but yeah...there's no way in hell I'm planning on buying a new car, a pair of sunglasses, or an mp3 player anytime soon. Pay off what you've already spent before you go spending even more.

Edit: Then again, I don't regret being in debt, either. I chose not to work full-time in college, and if I had the chance, I wouldn't go back and change that. I'm glad that I was able to enjoy my time in school, and I accepted the fact that I'd be paying it back afterwards.

I think a lot of the young adults in the story, though, just never learned how to manage their money. Once they finally graduate and get out on their own, they go buck-wild buying whatever it is they feel they need.
Click to expand...


I'm pretty much the same way. No credit card debt though, and I have a decent chunk saved up for a fairly new used car. I'm only working part time through college too so I'll have plenty of student loans to pay off after I graduate. I'd much rather enjoy my time in college than work full time through it.
 
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
Click to expand...
thus proving Ornery's point 😀
Click to expand...

haha. 🙂
 
Originally posted by: Ornery
i dont want to buy a used car or anything like t hat

:roll:

THIS is the type of people the article was written about, and who I posted the topic about. I fully realize a lot of people on this board have their priorities straight, and their shlt together.

The people this article was written about, are the ones whining that the credit card companies are "praying" on consumers, and requesting that lawmakers "do something about it!" Idiots! :|
Click to expand...

there is nothing wrong with wanting a bumper to bumper warranty and making sure you're not getting someone else's problem.
 
Originally posted by: Ornery
i dont want to buy a used car or anything like t hat

:roll:

THIS is the type of people the article was written about, and who I posted the topic about. I fully realize a lot of people on this board have their priorities straight, and their shlt together.

The people this article was written about, are the ones whining that the credit card companies are "praying" on consumers, and requesting that lawmakers "do something about it!" Idiots! :|
Click to expand...

Dude, totally on your side. It is sickening to see so many people living above their means.
 
Dumbass kid from my high school bought an Evo right after he graduated (this was two years ago). He bought the car on a 6 year loan and worked 2 or 3 low-paying jobs in order to make the payments. I think he's only been to one semester of community college. The best part is that he's now selling the car because he can't afford it. The equity he had in the car is gone because the car is worth about the same amount as he owes to the bank.
 
there is nothing wrong with wanting a bumper to bumper warranty and making sure you're not getting someone else's problem.

Some people can afford that, but NOT the ones this topic is about!
 
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
Click to expand...

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.
 
Originally posted by: brunswickite
Originally posted by: EyeMWing
New car? Who wants one of those POSes when you can have WAY WAY WAY WAY better if you shop around and get somthing older.

You can buy, overhaul and customize a 70's/80's car for what it costs to buy a Civic - if you have the patience.
Click to expand...

if you need a cheap car that gets you from point A to point B, then a used Civic/Corolla/Camry/Accord is the best way to go. Reliable, low gas milegage, and low maitnance.
Click to expand...

and a sickening 20 grand new
 
Originally posted by: mryellow2
You don't "have" to buy a new car. You "want" to buy a new car.
Click to expand...

Yep, you're brainwashed into going into debit for a consumable that does not define you outside of your own mind...
 
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