Originally posted by JipStix
I'm $20,000 in debt for my college education, and 2 months out of school that seems like an insurmountable number. This whole system is decrepit
It may seem that way, but its not. Please don't feel picked on here, but you opened a door.
Credit can be positive or negative, depending on the user and how its controlled.
That $20,000, if it garnered you a Masters Degree, is the best investment you will ever make. This recession won't last long, don't let the gloom
and doom crowd get you down. Positive people will survive this much better than the negative bunch.
With a Masters Degree, you can expect to recover that entire amount your first year. Without that degree you could expect a job that pays minimum wage
or not much better. With the degree, you can expect a starting wage of $38,000 or more. Even if this recession delays you a year or two, the upside is
still good. Ten years into your career you can expect to make 4 to 5 times what you would make had you not got that degree. Its hard to find a
negative when your first year you can make more in extra income than the entire cost of your education. Look at the big picture.
People don't need to eliminate credit from their lives, they need to use it responsibly. Of course people who lied on their mortgage application, or
abused their credit cards are looking to blame the system for their own mistakes. It is human nature to spin the truth when it makes us look bad. That
does not change the fact that people who get into trouble with credit, do it to themselves. Blaming others for their own mistakes just makes matters
worse. The Banks and those who lied on their mortgage applications, share equal blame. They both knew they were doing wrong. They both knew that the
payment would not be made.
Credit and I mean good credit are an absolute requirement to succeed. In the long run, credit used wisely can increase your wealth. Not having good
credit can likewise ruin your financial lives.
Without good credit, unless you were born rich, you can not:
Buy a house.
Buy a new car.
Start a business.
Get a decent education.
Take advantage of investment opportunities.
With this topic, as with most others, the truth lies in the middle. Credit is not evil. Some people are just credit stupid.
To those who think you have it bad in the US. Go to a third world mess like Mexico. Leave the tourist areas and go to a remote village and stay for a
while. When you return, you will have a new found respect for what we enjoy. There is a reason so many are trying to move here. Ignore the wild
theories you read here. We are not even close to collapse. Two years from now this downturn will be a footnote in the history books.