Student loan documentary

[MRHTOAD76]

Just a general comment about people who get in over their heads in student loan debt.

A fool and his money are soon parted.

Translation "Caveat emptor" like someone already stated above. So if I conned your grandparents out of their money they deserved it?
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But Mrs B I totally agree with you!

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clydosaurus

That is the point I'm making You say you know the ARM was a bad idea. Who do people get their banking advice from? The people who house their money. Yes it may be naive ,but if they tell you that you can afford a home and have payments at $500 (They don't know that doesn't include taxes,pmi,etc) And people don't know even how much it costs to actually own a home ,why wouldn't they do that. Heck they could be paying $500 rent for 3 years before the banker told them he can get them in a house for the exact payment. Kinda like when a car salesman asks what you want to spend a month and adds years to the loan to get you approved. They tell them hey the rates are falling so you will be able to get an even better rate way before the ARM is over.

If you look at the fact that majority of people in the USA know nothing about geography (outside us states) and have no math skills how do you expect them to not get taken advantage of. They don't even teach how to balance a check book anymore and the banks love it because they collect fees. search Macgraw-Hill Video overdraft charges in
2004 = 10.3 BILLION 2006 = 17.5 Billion 2009 = 38.5 BILLION yes those are all billion not million. The same banks that needed bailouts are collecting billions of un-expected profits.

"U.S. banks will collect a record $38.5 billion in overdraft fees this year, with nearly all the revenue paid by just 10% of customers"
Banks to collect $38.5B in overdraft fees in '09 - report - Aug. 10, 2009

How is that for naive, but I guess its only 10% so its not so bad.

Who doesn't want marble counter tops and a 3 car garage with pool? Just because you can, doesn't mean you should.

Umm that is the exact mindset of alot of people living in the USA..... Why wait 2 years to get a plasma when I can charge it, Why wait when I can goto rent-a-center and get it now, Talk to your doctor about Xyz drug, that is what we are raised and taught to do over and over Consume, Hey your want to fight terrorism go shopping!!

There are millions of dollars spent on how to get you to buy more than you need and consume consume consume. How to trick you into buying stuff you normally wouldn't and how to keep you living check to check to buy the newest, latest

My wife and I also put off having kids because it wasn't financial responsible but everyone we know didn't. They are scraping by ,but I'm not looking down on them for making that choice is my main point. We don't know why people do alot of the things they do ,but in reality we do know why they did what they did and alot of that has to do with how they were raised and what they were NOT taught. How do you fix it if three generations only has one person who graduated from high school? Do you think their kids are going to be like oh I'm going to be responsible.

My wife and I had to argue with 2 different loan officers because we didn't want to take out money from our home. Hey you can pay off your high-interest credit cards and get a tax write off. Alot of people did that thinking they were being responsible.

I just hate that idea well it didn't happen to me so I don't care. I'll never get laid off so I don't have to worry about it, Nobody knew they were getting laid off. Well they should have planned better... Where does it stop if you go down that road.


How many commercials still air hourly about how you should refinance now! I agree Bill Gates isn't the average person ,but that is what we are told day in and day out. YOU CAN DO IT!!! you will become sucessful you too can pull yourself up out of the slumps you just have to want it enough
You can be the next Mark Zuckerberg, or Warren Buffett! You just have to work hard and want it and you can achieve! Look at how many people live each day thinking they are on the way to the top even though 95% of them wont even come near it. Then you have the even more naive outlook well heck if you can't make it fake it. I'm not justifying people being naive I'm just saying its more to it than just a simple label of being dumb or hey theres a sucker born every minute. Or they deserve what they get if they fell for it.

All of this is eerily similiar to how they would cross-examine other types of victims... well what were you wearing, why were you at the bar alone, Why out so late? (it reeks of blaming the victim) I know you aren't saying it to that degree , I'm just saying when you start down that path aligning yourself with that crowd that is what your are supporting and doing. Blaming the victim.