The Real Reason Millennials Don’t Buy Cars and Homes

[Aristotle]

Really interesting read.

The Real Reason Millennials Don’t Buy Cars and Homes

Many young people have done what they’ve been told to do and gone to college, since education remains an important pathway to success. But many are graduating with heavy student-debt burdens and finding they can’t get jobs that pay enough to make the hefty payments on those loans. A recent study by the Federal Reserve Bank of New York found that high student-debt loads may be one of the biggest reasons young people buy fewer cars, homes and other appurtenances of modern life.

Forgive the loans, Obama!

[Aristotle]

More:

The Cheapest Generation

[Reshad]

But many are graduating with heavy student-debt burdens and finding they can’t get jobs that pay enough to make the hefty payments on those loans.

This. My dad owes more on his loan now than he started out with, even though he's paid twice the principle in interest so far.

[Blog]

Student loans are out of control and drive education costs higher, plus they stay with you through bankruptcy. There are any number of ways to fix it, but it seems unlikely to be attempted in the next 10 years or you'll get accused of harming children or something like that.

[Aristotle]

There are any number of ways to fix it, but it seems unlikely to be attempted in the next 10 years

Problem is the student loan companies are making tons of money and they lobby heavily.

That's how they managed to get it so they aren't discharged by bankruptcy. That's insanity. What's the fuggin point of bankruptcy then?

[Rosuav]

That's how they managed to get it so they aren't discharged by bankruptcy. That's insanity. What's the fuggin point of bankruptcy then?

It's a socially and legally acceptable means of defrauding people, ergo it's carefully tuned so as not to defraud the people who make it possible. Though my favorite showcase of the fraud value of bankruptcy is this guy: http://www.gofundme.com/Help-me-file-Bankruptcy - he's asking for money so he can pay a lawyer to get him out of paying all his other bills, meanwhile he's working on Kickstarter and IndieGoGo to collect money for creative projects. Yeah, he's a piece of work.