Comments on: The Debt Generation

By: Jonathan

Jonathan — Tue, 29 Sep 2009 21:02:21 +0000

bragging? REALLY!? this should be a forum to help and encourage people, not a forum for you to list the particulars of a relatively opulent lifestyle.

you spend more on travel each month than i spend on rent. some people simply don’t earn what you do. but if earning what you do turns one into a self-satisfied braggart, perhaps it’s not something to which one should aspire.

By: Kray Mitchell

Kray Mitchell — Wed, 09 Sep 2009 16:52:06 +0000

Aside from the fact that many 20-somethings don’t understand the implications of credit card debt until it’s too late (I was one of those people myself), the way corporations push consumerism on people is a huge factor.

Every time you pick up a magazine or turn on the TV, you’re getting swamped with ads and product placement brainwashing you into thinking you have to have all these things.

If more people would just realize that they don’t need to BUY EVERYTHING, we would have less debt, less waste and less consumerism all around. BorrowMe.com is an online marketplace that is trying to tackle some of these issues head on by allowing people to borrow anything from anybody.

Why should you buy something you’re only going to use a few times when you can borrow the exact item from a friend or neighbor who’s not using it? Why pay full price for something when the guy up the road is selling his for half the price?

1 like

By: Ryan

Ryan — Tue, 04 Aug 2009 08:06:05 +0000

Satyajit,
You must be one of the lucky ones. I am just finishing undergrad and have about 4,500 in CC debt along with a few thousand in student loans. I have cut back to eating about once a day when I can because of my debt. I DO have a job, but am not able to work enough because of school to pay for my living expenses. I am earning, but I do not earn enough. I’m not quite sure what I will be doing about all this debt when I graduate in a few weeks. I have not been able to find a “real job” because of the horrible economic times. The credit card helps me get by and hopefully I will get hired and can start paying it off.

By: Satyajit

Satyajit — Wed, 29 Jul 2009 03:11:55 +0000

Me and my girlfriend are 25 both graduated with Masters with almost a 30K loan 1.5 years back. Today its only 7k more and I have zero credit card debt. I should be able to clear it off in the next two months. As an Indian, I really don’t understand debt how can one be in debt if they are earning? I have an iPhone, car, $1300 cam, I spend over $1000 on travel each month and I regularly eat out. May be I just starting but I have a feeling that I will never ever be in debt unless I start a company or something. WWAID – he never gets into debt.

By: Mark V

Mark V — Thu, 02 Jul 2009 03:51:28 +0000

“So with all that money going to iPhones, PSPs, and the latest designer duds, is this generation just plain spoiled?” Yes. As a 27-year-old grad student I can tell you that my generation is spoiled. We have more consumer options than any generation before us and that usually leads to overspending on stuff we don’t need. No one actually NEEDS an iPod and very few people need a cell phone, but we have convinced ourselves that we can’t live without luxury items.

By: Paul O'Brien

Paul O'Brien — Fri, 24 Apr 2009 00:46:17 +0000

Nice article Mary, thanks for this
Paying down your debt is key as there is no better, “last resort,” safety net than a handy credit card when times are tough.

By: arreza

arreza — Fri, 10 Apr 2009 10:39:47 +0000

Really informative article. Keep it up.

By: Carey

Carey — Thu, 05 Feb 2009 17:02:30 +0000

Umm, check that calculation at the end:

“Mint Tip: Pay your credit cards in full each month:
The average American carries $8,500 in credit card debt. At a minimum payment of $100/mo, it takes 6.7 years, and $4,257 in finance charges before you’re in the clear.”

6.7 years is about 80 months. 80 months at $100 per month is $8000, which isn’t even enough to pay off the principal, let alone $4257 in interest. Not to mention that as the balance is paid off, the minimum payment gets lower. On a balance like that, making the minimum payment should clear the balance in about 20 years. Yep, 20.

1 like

By: OneAdvice

OneAdvice — Wed, 10 Dec 2008 15:05:27 +0000

Very informative article! Credit card debt is growing in both the US and UK, there are debt solutions though and it always makes sense to get professional financial advice when dealing with your debt.

By: doctor S

doctor S — Tue, 16 Sep 2008 17:36:53 +0000

I have been wrestling with my CC debt ever since I graduated. In July 2006 I finished undergrad with about 3.5 K in cc debt. I said I was going to stop using my cards then. I have gone as high as 7k since then and back down to 1k as well. It has fluctuated up and down since then and I have yet to get down to 0 and be able to keep it at 0. Why you ask? A great question that I struggle to answer, but I have no CC’s in my possession any more and knocking it out month by month. But your right, it took me forever to realize it. Learn from my mitakes.