A 38-year-old with $38,000 in student debt tells other generations, ‘I highly recommend finding a way to avoid taking out loans’
A 38-year-old with $38,000 in student debt tells other generations, ‘I highly recommend finding a way to avoid taking out loans’
"When you’re 17 or 18 years old, you think, ‘Oh, sure, I’ll figure this out.’ Then it's frustrating to still be in this financial situation."
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I grew up very poor. It's in my nature to avoid debt like the plague, even "good debt". Somehow that's worked out very well for me, so I also recommend it.
im not so sure there is good debt anymore.
I picture a 36 month interest free loan on a big purchase could be "good" debt.
I don't tend to buy things unless I can afford it outright, but sometimes the interest free option is enticing by letting me keep my money accumulating interest in savings each month and slowly paying off that purchase. In doing so it helps my credit rating should I need it in the future for an emergency.
yeah as long as the interest free loan is for something you could swing without a loan I could see. I was thinking mortgages and such with housing being so high.
I grew up with that and "pay off debts before you save". It didn't work out well and I've probably wasted years of my life struggling before I learned to do the math instead.
Oh, my recommendation: check what the situation is in your country and your time instead of trusting what boomers who grew up in a twisted economy say or what you read from a completely different country's economy or era.