I was having a conversation with my friend about how I am saving up for a used car (they usually run up to 2K and they're pretty good cars) and he tells me, "Why not just get a loan and get a new car?!" I can't believe that he is actually serious; why would I buy a new car if I don't even know how to drive? I now understand why so many young adults are in debt because they thought that money grows from trees; my mother is still paying off her student loans and she is almost fifty. I am NEVER going to get a loan as far as I am concern; and about college, the hospital pays for my schooling.
2007-06-01 11:24:48 · 10 answers · asked by Baah 1 in Business & Finance ➔ Personal Finance
BTW; nearly 2/3 of the countries young people are in debt. Why hasn't anyone taught these kids responsibility? Thank goodness I was lucky. And by hospital paying for college, there is a medical field shortage in the country and whatever field that you want to go into, you make a deal with hospital saying that if they pay for two years of your college, you work for them for two years.
2007-06-01 11:30:56 · update #1
Ohl I understand things about mortgage; but as far as school goes... there are thousands upon thousands of scholarships that never get applied for; there is a bunch of money that people are willing to give to students... but a lot of them never apply for them; so no, a loan is not the only option.
2007-06-01 11:37:13 · update #2
A lot of it has to do with up bringing, but for the most part, it has to do with being young. Most young people, don't often think ahead. It is all about today. If they want it, they think they have to have it, and now. They lack the maturity, to think about the consequences. Case in point, your friends casual attitude about taking out a loan. Now a lot of people take out loans, to purchase cars, but to him, it's as easy as one, two, three. You take out the loan, and worry about paying it back, later. That's how so many young people, end up in debt. They don't think ahead to the debt it will put them in, or how to pay it back. As for your mother, she did what she had to do. She took out a loan, to get an education. We aren't all fortunate, to have our employers, foot our education, so count your blessings, and ease up. And if you decide to take out a loan for a car, buy one you can afford. That's, thinking ahead.
2007-06-01 11:58:50 · answer #1 · answered by whatnext 3 · 0⤊ 0⤋
Unfortunately, financial ignorance is very common in the US today. Age is not much of a factor in this. Congratulations on being an exception. You may find the site below interesting. Dave Ramsey was a bankrupt former Millionaire by age 30 and a debt free Millionaire by age 40. He is currently a financial counselor that would congratulate you on your choice to live debt free. He would call you weird, but he considers that a complement. Normal is broke.
2007-06-01 12:49:46 · answer #2 · answered by STEVEN F 7 · 0⤊ 1⤋
Nothing wrong with getting a loan so long as you understand the payments and are financially able to make them. If you ever want to buy a home instead of rent, you'll have to take out a mortgage (fancy word for loan).
2007-06-01 11:33:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most parents teach their kids not to drink and drive, to play nice, and allllllllllll the other stuff that's important but the importance of credit... i'm glad we're both smart enough to know how education loans, credit cards and everything else really works.... I guess to answer your questions: because then can and it's way too easy to get a loan... companies LOVE to send young kids credit cards and get them into debt... you gotta love Visa and Mastercard. I have a used car and no car payments.... yay me!
2007-06-01 11:39:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i think of it performs a factor. yet i myself think of what has made American's stupid is our worldwide isolation. till we comprehend, like in a city, we are element of a broader worldwide and characteristic a broader worldwide view we heavily isn't waiting to maintain up with the the remainder of the worldwide that does no longer have the luxurious of the Atlantic and Pacific and 10 million a lot of Nuclear warheads between themselves and different civilizations. So, i think of we are sheltered and that often breeds lack of understanding. Having traveled to and lived in over 40 international locations, i can assert that a worldwide practise is existence changing. wish this helped. large question
2016-11-03 08:43:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Some people are in debt because they're dumb like that. I'm in debt in order to get my college education! In some cases, debt is unavoidable.
2007-06-01 11:32:41 · answer #6 · answered by Surf Forever 5 · 0⤊ 0⤋
Because of ignorance...
Sounds like you are assuming that the parents are responsible in order to teach such things to the kids.
2007-06-01 11:32:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i don't know why people put themselves in so much debt. it is better to just go w/out until you can afford it.
2007-06-01 11:32:34 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Some don't know. Some weren't taught. Most are just plain dumb.
2007-06-01 11:34:09 · answer #9 · answered by socalicd 3 · 1⤊ 1⤋
You answered your own question. Stupidity.
2007-06-01 11:35:50 · answer #10 · answered by charliecizarny 5 · 0⤊ 0⤋