For The First Time Ever, Millennials With Student Debt Have Negative Net Wealth

[thekingsmen]

Nah, the debt will be used to keep us in check. If there's no money then people will pay with something else.. time, energy, etc. Think about the 15 Million Merits episode of Black Mirror.

Its not "Will be used to keep us in check" it's been used for decades to keep black folks in check.

 

[CrimsonTider]

They're going to end up discharging Student Loan debt.

Remember this post in 5-10 years when it happens.

There's too many indebted graduates, wages are stagnant, meaningful job growth is nonexistent and massive automation is around the corner.

People have to buy houses, cars, travel, consumer goods for the economy to function. And if everyone is suffering under crushing debt, all those industries are going to stagnate. If foreign investors weren't laundering cash through investment properties, the housing market would look extra flabby. These industries are starting to cry already. When baby boomers start to die off and its up to Gen X, Millennials and Gen Z to keep everything running, you're going to see just how fukked up things are.

It's inevitable and government is putting that shyt off is the real issue here.

We literally have a generation now that has been in the hole anywhere between 10K-120K the minute they turned 18.

Its going to happen but Congress and the President have to get closer to Gen X as far as ages go. Congress is old and richer than ever. They don't even understand or care about student loan debt.

 

[Kilgore Trout]

Just following the trends. Our last bubble happened because banks gave mortgages to anyone with a pulse to peddle derivatives and once people started defaulting in mass the jig was up. With student loans the government backstopped all debt so banks felt comfortable loaning 50k to teenagers and colleges greedily spiked tuition. Since you can't default on student debt, the pain will be felt elsewhere. People will stop buying houses. Put off getting married. Put off having kids. Put off traveling. Decrease consumer spending. Decrease going out as much. Decrease buying the big ticket items previous generations bought frequently. If you pay attention to the news, you already see various industries bytching about this now. Then you throw in automation and the massive amount of job loss that's predicted to occur in the next ten years and it gets real scary. There's a few politicians talking about it but, Washington will refuse to do anything until it gets much worse.

Student loans aren’t going anywhere


And people are trading home ownership and marriage for the club and vacations.

 

[DatNkkaCutty]

A lot of great points in this thread...

Something I've been asking myself for awhile now is who TF is buying up all these homes once the baby-boomer generation dies off?

I actually made a thread about this awhile ago....SPIN: Whose buying ALL these homes once the Baby-Boomer generation dies off??

No matter where you live in the US...I'm sure everyone knows of cac strongholds/neighborhoods inhabited by hordes and hordes of white older ppl... All these people don't have children. Most come from a time where their parents or relatives left property to them. Many were able to work long careers and receive respectable pensions. They were able to buy homes...save money...purchase new cars...vacation... An era when gas was still 99 cents... Nggas today barely got money to catch the bus or an Uber. If your a ngga in the NE....vacation for a lot of ppl is hittin the Jersey shore...or Ocean City MD.... As already stated...a lot of ppl aint got no bag for these houses and new cars. Unfortunately...a lot of these older cats are gonna start dying off in massive numbers soon... Our parents...grandparents (if they're still holding on)...etc. What are they gonna do with all these empty homes ppl can't afford across the country? Will prices drop massively?

 

[Saysumthinfunnymike]

That's average Americans. Not coli posters. We good.

 

[Saysumthinfunnymike]

Nothing wrong with going to college.

But, for undergraduate education, unless you get into Harvard, Stanford, MIT and a few other schools, racking up six-figure debt is retarded.

Go to the state school and take advantage of in-state tuition.

People don't want to do that especially hoes. They want to get out away from their parents a thousand miles away so they can get drunk and fukk. Then they graduate, move back home and the parents are stuck taking care of their ass.

I know quite a few broads who went to school, got a degree, did nothing with it and then went back to school, got a different degree and are STILL not doing anything.

 

[Saysumthinfunnymike]

I wasted my first 2 years at a 4 year when I should’ve transferred and then finished. I could’ve saved so much money and
Time cause them classes were hard as fukk

I paid for community college and then I transferred and grants/scholarships paid for 90% of my tuition. At the time I thought I was wasting my time but it's the best thing I could have done. If I had gone to a 4-year right out of HS I'd probably be fukked right now.