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Young Adults Retreat
From Piling Up Debt

Wall Street Journal, by Neil Shah

Original Article

Posted By:pineledger, 3/5/2013 6:40:38 AM

Young people are racking up larger amounts of student debt than ever before, but fresh data suggest they are becoming warier of borrowing in general: Total debt among young adults dropped in the last decade to the lowest level in 15 years. A typical young U.S. household—defined as one led by someone under age 35—had $15,000 in total debt in 2010, down from $18,000 in 2001 and the lowest since 1995, according to a recent Pew Research Center report and government data. (Snip)In addition, fewer young adults carried credit-card balances and 22% didn´t have any debt at all in 2010

Comments:
I read this as good news for conservatism!

      


Post Reply  

Reply 1 - Posted by: Spidey, 3/5/2013 7:10:48 AM     (No. 9208877)

Well,there´s lot of reasons this could be happening besides young people getting wise all of a sudden. Maybe Mommy and Daddy as co-signers had enough and cut the cards off. Maybe they´re so maxed out they can´t get new cards.A lot of them are probably using student loan disbursements to pay the credit card debt.

Bank of America is paying people a $25 bonus if you pay your card on time for 4 consecutive months. Why would they be doing that unless delinquency rates are through the roof?
There was a big scandal a couple years ago about some colleges and universities getting kickbacks for student´s names and address to send them credit card offers,maybe that´s been shut down.

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Reply 2 - Posted by: MMC, 3/5/2013 7:50:52 AM     (No. 9208934)

There are plenty of young people not happy with the large amount of money taken out of their 7.50 an hour job in taxes.

Debt free living is the only way to be ... If possible.

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Reply 3 - Posted by: chillijilli, 3/5/2013 7:53:39 AM     (No. 9208938)

The student loan bubble will be the next big bubble to burst. Give it another year and a half.

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Reply 4 - Posted by: grambo, 3/5/2013 8:30:19 AM     (No. 9208993)

Agree with #3. The higher education bubble is ripe to pop. Students are loaded with massive debt and their parents bled white in the effort to get what has proven to be a useless and phony diploma. The quality of higher education, hard sciences excepted, is execrable, an embarrassment to true scholars, and national disgrace.

We´re about to see a collapse of large numbers of brick and mortar universities and colleges and a wholesale purge of the doctrinaire phonies in higher education who have ridden their snake oil wagons as far as they´re able to go. The curtain has fallen away and their Potemkin villages full of learned lumber revealed.

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Reply 5 - Posted by: LouD, 3/5/2013 9:00:13 AM     (No. 9209035)

#1, I have always paid my BOA card on time, for years, and I never got a bonus of $25 or even $1 from them.

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Reply 6 - Posted by: antiquegolf, 3/5/2013 9:56:33 AM     (No. 9209153)

Remember one of obama´s presidential acts was to nationalize student loans. His motive was to create another entitlement --- free college education. He has already taken incremental steps toward forgiving these loans. Zippy is very predictable. If its bad for America and for Americans he´s all for it.



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Reply 7 - Posted by: jorgecito, 3/5/2013 11:49:57 AM     (No. 9209386)

None of my 4 children used a student loan to help pay for college.

To help keep their college costs down, we required them to pay half their costs on their own -- by either (a) getting large merit scholarships or (b) earning their way through college via military service or jobs.

But I remember being propagandized that "everybody" took out loans to finance college -- that it was an inevitable part of the "package" that a school´s financial aid office would "offer" you, as a prospective student.

Thank goodness we ignored the pressure to conform.

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