The crushing tyranny of student debt in North America is crippling. It is leaving young people with little hope for a future, that includes purchasing a home, or the likelihood of having a stable relationship, that might mean having a family, which statistically will be more difficult, considering the high rate of divorce due to to financial conflict.
Citizens are now referred to as consumers, as are students. Citizens are constantly bombarded with the idea that credit is a good thing. Credit equals debt, and debt is a bad thing. It's hard to see where this crisis will end.
When my grandparents were alive, you paid with cash, never credit. If you didn't have the cash, you didn't buy it. And if something was on sale, and you didn't have the cash it wasn't a bargain.
Times have changed, and so have our ideas about debt, not for the better.
2 comments:
I agree it IS a crisis. Most of these kids don't have a clue about managing money (at least those here in the States). Here the banks get lists of the new college kids and immediately start sending them credit card applications - exactly what they DON'T need! And the job situation is not good either, so when all those great opportunities don't materialize after graduation, they are saddled with a great debt. I'm not sure what the answer is though. :(
The credit companies actually set up kiosks in the universities here Bev. It shouldn't be allowed. Most of the graduates think they are going to be making 35 grand at the entry level and are in for some serious reality that will come crashing in. It's happening now, and a good portion will be running back home to live with mum and dad.
I really don't know if there is an answer we are on a crash collision course I believe and well, maybe that's a good thing.
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