Ryoga_TheLost

My mom and I would often talk about money. I know that a conversation that everyone has with someone (Wife, mother, father, your kids, or just your family...etc). Well, it seems like the topics end up about debt. I'm 26 and married. My mom doesn't think that we should get into debt so early.

I'm not saying to go into debt for about 20g's but could a 25 yr-old start a life without having a little debt?? That's my question. Do you think anyone could have a life without any debt. Especially if you start a married life. You need a bed if you don't have one, a kitchen table, couch, cloths, food. I dont' think it's possible to stay out of debt.

That's my opinion...what's yours?

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Exoparadapsyphobia

Very good question. I haven't had a lot of experience in the real world yet when it comes to financials, but I think the changes in our economy has made it very hard for young and old alike to stay out of debt. Inflation rates coupled with massive outsourcing by American businesses has put a new brick on the back of those who are already carrying around an awful lot of them if you know what I mean, and a public that's obsessed with material possesion heavily manipulated by greedy capitalists influencing our youth doesn't help either. In addition, our president now wants to make new free market trade agreements with a handful of other countries which would no doubt make the situation even worse for middle and low class Americans as that would introduce a whole new level of competition for jobs. My tentative conclusion is that the current and future state of our capalist economy and materilistic society makes it virtually impossible for anyone to stay debt free throughout the duration of their lifetime. Unless they have a plump financial inheritence waiting for them after the death of a family member or something.

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aceman67

The average person of any age cannot live in our society with out going into some kind of Debt. No one would own homes, cars, appliances ect. ect.

Hell, entire countries can't function with out going into debt, just look at the Untied States, their national debt is in the TRILLIONS. U.S. National Debt Clock

Right now I'm saving up to buy my second car (First one was a gift that I couldn't afford to fix up, so I scrapped it, and it was 12 years old). I'll have to get a car loan to pay for it, but not with out saving up enough money to show the bank that I am responsible with my money, and to improve my credit rating.

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_gwenibe_

I think it is possible to live life without a debt, but it would be exetremely hard. As already stated, we just have to get into debt to get the basic of things in life - shelter, transport etc etc.

I also had a little chuckle to myself when you mentioned that you were 26, and your mother said not to get into debt yet. mainly because I'm 19 and already heavily in debt XD But a Uni degree does that too you.

actually on the thought of age, it shouldn't matter about age, it matters wether or not you can afford it - that's what gets people in serious trouble.

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Ryoga_TheLost

It's funny that you mentioned that you are heavily in debt because of a degree. So, if you want an education that most people do...one has to get into debt. It kind of sums up my point.

I mention my age because I believe the younger generation doesn't get too much into debt. $2,000 maybe but their credit cards won't give them that much. But being mid 20's, your credit is established and you could get loans, cars that you actually want, a house etc. So I do believe age has some part to deal with it. Come on...your car insurance doesn't go down until 25 LOL!

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dude101

not goin into debt at some point or another would be the same as winning the lottery.

virtually most things we need at some point or another u will required to go into debt. but as for the age thing. well i'm with gwenibe with this one. it really doesn't matter what age u are, cause debt is debt no matter how u look at it. and ur 26 and not in serious debt yet? well that to me is a shock. i thought 22 was the age when most start to think about buying a house or something. but it must be different for different countries and such as we all have different financial situation in the way of interest rate and the cost of living.

i find that quite funny how u say $2,000 on credit cards is not much debt. cause to me that like the worst kind. cause fat chance u can pay that back straight away, especially if ur young, and interest rate kills. so to me that plenty of serious debt. and u know how some ppl pay that off?. by taking credit for another credit card, man not the smartest thing to do.

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Ryoga_TheLost

Well, being in the military...you don't get into debt really. You are taken care of pretty well. What I've noticed was starting that new part of my life...which is getting married. When I got married, that's when one gets into debt buying the things that you need to build and start your life off. That's why I asked my question could a regular person have a life without debt.

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Miroku4444

Sorry to burst your bubble guys, but it is possible to go thru life and not get inti Debt. My parents did it, and so have lots of other people. Here's how you do it:

1-The first thing must happen comes from a little luck. You must get into a career that is very stable(i.e. wont get laid off), which only a lucky few do.

2-You must live within your means. Which comes form managing you money right, and now buying sh** you don't have money for. Charging everything is one quick way for this to happen.

3-If you've done #1 and #2 you can get some loans with will help on the big necessity's of life. Like for a car or house.

4-Start saving your extra money in the bank for emergences.

5-Invest, Invest, Invest....

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gren

I wholeheartedly agree. Without a decent job in the first place, there's no way you'll be able to live debt free. And not only should you live within your means, you should attempt to live like you make less than you do...after paying the bills, don't use your excess money for frivolous things, put it in a savings account and pretend like it doesn't exist. By the time I got married, I was putting about half my month's pay into a savings account and never touched it. Once I got to a certain amount, I moved it to a CD with a better interest rate. Two years later, I'd saved enough to pay cash for most of the cost of my new car. But it's true that if you don't have any savings in the first place, getting your married life off the ground is going to be extremely difficult.

I think part of the problem is that people aren't willing to wait, save and sacrifice to get the things they want. If you've just gotten married, it may be better to just pay rent on a small apartment than to take out a loan on a house you can't afford. Or (and I know this isn't an ideal situation for a married couple), you might consider living with your parents until you have saved enough to live on your own. Like Miroku said, living completely debt-free involves more than a little luck, but having a small, manageable amount of debt isn't the end of the world.

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Gren's Music

_gwenibe_

^ wait a minute - what debt are we talking about here -debt as in struggling to pay off a loan

or debt as already have a loan?

if so I'm the second ( if there's anything right the governments done - it's made it so much easier to get a degree these day money wise).

And I agree with Dude101 - 2 000 not that much? That's what starts of. If you can't pay off that $2 000 right away good luck paying it off later with interest rates - and managing money later on.

I know kids that are already have loans just to pay off their cars - and they need that car to get to work etc etc. Obviously it's local specific I guess, and depends on economic situations in different countries.

The younger generations does get into debt, credit card, car loans, education fees etc etc etc. As I said in my earlier post it's not about age, it's about what you earn and how you manage your money ( as Miroku has also pointed out) .

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equinn

no i dont belive someone can go thought life with at lest getting into debt at lest once...
it mighnt be alot of money but still everyone has it at somtime...

as i hear with a new baby u go though 1,000 pounds or more in a year.

and buying a house u might need a lon and that will bring u into debt to pay the bank ect back....
and crdit cards they can take u into it also so i belive someone cant go though life with out it happening at lest once it mighnt be the most money but it will still happen

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