Debt

[Richard]

Many people live well beyond their means today.  I do not have any debt.  My co-op jobs pays for my school.  I also rarely go walking in a mall and end up buying something I never knew I needed.  I pay my credit card off clean, each month.  I merely use it as a way to buy things online.

I voted number 2.  I've yet to pay any interest on my credit cards.

[minionofmidas]

Why exclude cars and mortgages?
I'm willing to live extremely lean if that means evading debt.

[Richard]

Why exclude cars and mortgages?
I'm willing to live extremely lean if that means evading debt.

Cars and mortages are required.  That 60" TV you just bought on your 28% interest credit card is not.  I'm separating the two.

[WalterMitty]

ive only paid interest on my credit card once.  that was because i was one day late.

[John Dibble]

I try to live by the phrase "neither a borrower nor lender be" for the most part. Voted 2.

[KEmperor]

I am in the midst of paying off my "bad" debt.  I owe a lot in student loans, but that's considered "good" debt.

[David S]

Mortgages are almost unavoidable, but usually the interest rates are not too bad. Anyone who is paying interest on credit card debt is asking for financial trouble. You will end up paying way more in interest than what your purchase is worth.

[TheresNoMoney]

For people not from rich families who go to college, debt is unavoidable.

[John Dibble]

For people not from rich families who go to college, debt is unavoidable.

Bullsh**t. I'm not from a rich family, and I'm paying my own way through college. My debt - $0.00

[TheresNoMoney]

Bullsh**t. I'm not from a rich family, and I'm paying my own way through college. My debt - $0.00

What college?

[Gabu]

I currently have zero debt, and I would prefer it stay that way unless absolutely necessary (e.g., buying a house, etc.).  I pay my credit card bill through online banking every week, just to make sure I stay on top of it.

My mother has a co-worker who has like three maxed-out credit cards and who just keeps trying to get new credit cards every time one becomes unusable.  I don't think the thought of actually paying for anything even occurs to her.  I honestly cannot understand how anyone could be that stupid...

[John Dibble]

Bullsh**t. I'm not from a rich family, and I'm paying my own way through college. My debt - $0.00

What college?

Georgia Institute of Technology - probably the best college in Georgia, for engineering schools at least.

[Richard]

For people not from rich families who go to college, debt is unavoidable.

That is a lazy man's excuse.

[TheresNoMoney]

Georgia Institute of Technology - probably the best college in Georgia, for engineering schools at least.

That's a very highly regarded college. Here are the costs for 2004/2005:

http://www.finaid.gatech.edu/costs/#ug0405

First off, you guys have very low tuition in Georgia! In the northeast, the only schools you can attend that cheap are community colleges. Most colleges (even state colleges) have tuitions of $9,000 and another $5-6 thousands for room & board and meals.

You're able to pay almost $13,000 a year by yourself with no loans? How do you do it?

[TheresNoMoney]

[That is a lazy man's excuse.

Not all people get free college (co-op program) like you. 

[Richard]

[That is a lazy man's excuse.

Not all people get free college (co-op program) like you. 

Then perhaps they should consider joining a co-op program.  It is the future.

[John Dibble]

You're able to pay almost $13,000 a year by yourself with no loans? How do you do it?

I co-op(it isn't necessarilly $13k a year, some years I work two semesters and learn one) - the co-op program at Tech is ranked as one of the best in the nation. I don't pay anything for the semesters I work, but I still pay full price for school semesters. I make $14/hr at my job, and that's how I pay tuition and whatnot. End result will be that I'll spend about an extra year here, but I'll come out of college with work experience on my resume and hopefully a job with the company I'm working at now. Just to note, before I started the program I did have money that my parents had saved, but that only lasted 3 1/2 semesters(1/2 because it only paid half before running dry, which was after my first work semester). Just to note, some students save money by buying their own food and cooking for themselves rather than going on the meal plan. I also save money by living at home during my work semesters.

Also, in Georgia we have the HOPE scholarship for in state students who make at least a 3.0 GPA in high school and maintain it in college - that pays for tuition itself for full time students(so those who can't afford housing and meal plan can live at home and commute for less), plus a stipend for books. I lost it after my third semester(had some tough 'C' classes), though hopefully I'll be getting it back after this upcoming semester.

[TheresNoMoney]

I co-op(it isn't necessarilly $13k a year, some years I work two semesters and learn one) - the co-op program at Tech is ranked as one of the best in the nation. I don't pay anything for the semesters I work, but I still pay full price for school semesters.

That's good. But you have to realize that both you and Richius are in a small minority of students who co-op, so you're in special situations that are not typical of the average college student.

The HOPE program in Georgia is great. I wish New Hampshire had had that, it would've made my life a lot easier.

[John Dibble]

I co-op(it isn't necessarilly $13k a year, some years I work two semesters and learn one) - the co-op program at Tech is ranked as one of the best in the nation. I don't pay anything for the semesters I work, but I still pay full price for school semesters.

That's good. But you have to realize that both you and Richius are in a small minority of students who co-op, so you're in special situations that are not typical of the average college student.

I think about 35% of Tech students do it, though I'm not sure if that's the right number. Still, regular internships are available to most students. Also, do consider that students from poor backgrounds who have excelled academically have a much easier time getting scholarships - I can't get anything other than the HOPE(since it's performance based) because my mother makes too much money(not rich, but enough to be comfortably in the middle class).

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Indeed it is - even as a Libertarian I can't complain about this government program because it's funded by the lottery(in stead of taxes), which is entirely voluntary to participate in. Write your state congressman about it if you want to try and get it.

[Gabu]

End result will be that I'll spend about an extra year here, but I'll come out of college with work experience on my resume and hopefully a job with the company I'm working at now.

Out of curiosity, what company is it?

[John Dibble]

End result will be that I'll spend about an extra year here, but I'll come out of college with work experience on my resume and hopefully a job with the company I'm working at now.

Out of curiosity, what company is it?

Proficient Systems
www.proficient.com

We make internet sales software. Basically if you're browsing one of our customer's sites you might get approached to talk to a live Sales Associate. This tends to increase online sales for our customers. Typically our customers are more in the financial realm rather than retail - loans, stocks, insurance. What sets us apart from our competitors(like Live Person) is that we don't try to chat with as many people as possible, but instead we try to talk with customers who are likely to commit to a sale by analyzing customer browsing/buying patterns. Our customer list includes Bank of America and Geico, just to name a couple.

[Richard]

I co-op(it isn't necessarilly $13k a year, some years I work two semesters and learn one) - the co-op program at Tech is ranked as one of the best in the nation. I don't pay anything for the semesters I work, but I still pay full price for school semesters.

That's good. But you have to realize that both you and Richius are in a small minority of students who co-op, so you're in special situations that are not typical of the average college student.

The HOPE program in Georgia is great. I wish New Hampshire had had that, it would've made my life a lot easier.

My university doesn't offer math and engineering degrees non-co-op anymore.  Science non-co-op will be gone soon.  Your argument that only a few students go co-op is faulty.  Perhaps if you're in the arts or something.  In that case, your tuition will be cheaper and you can work part time during school and full time during the summer.  Throw in a scholarship or two and you're doing just fine.

[TheresNoMoney]

My university doesn't offer math and engineering degrees non-co-op anymore.

Which college do you attend? 

Your argument that only a few students go co-op is faulty.  Perhaps if you're in the arts or something.

Nope, wrong. The only school I know of in the New England that is a co-op school is Northeastern (and tuition/fees is something like $30,000 a year). My universities (U of New Hampshire, U of Denver) don't have co-op programs.

Very few schools offer co-op, therefore the percentage of students that co-op is small. Therefore, you and Dibble are not the norm.

[Alcon]

I come from a middle-class family with no debt, and plan never to have debt myself. Option 2.

[Bono]

The only thing we owe is our house, and there's ony about 2000€ left, but we don't want to pay it all at once becuase we can keep deducting the mortgage in income tax.