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#1 User is offline   MTP Reggie 

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Posted 14 March 2019 - 07:26 AM

Millennials are so buried in debt they can't buy into American Dream of owning a home
Susan Tompor
Detroit Free Press
Published 6:00 a.m. ET March 14, 2019 | Updated 8:06 a.m. ET March 14, 2019

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Amanda Hill, 27, deals with big student loan debt by doing everything she can to keep her other bills small. "I have cut out all the things that aren't absolutely necessary," Hill said. She eats out maybe once a month. She limits her driving to control how much she spends on gas. She lives in an apartment. She avoids getting her nails done or shopping. She buys clothes about two times a year. Hill Ė who is juggling $90,000 in student loan debt after graduating in 2015 from Hampton University in Virginia Ė figured she didn't need a car payment on top of her monthly student loan payments. So she bought a 2005 Saturn Ion last year from a woman at her church.

She paid $500 for her car. "And I was surprised it actually worked," she said. "But I had to learn how to drive a stick shift." Dreaming of buying a new car when you get that first job out of college? Or maybe buying your first house? It used to be a rite of passage. Not so much any more. "It's not going to be you're 30 and you're married and you're going to have kids," said Hill.

She has no timetable for when she'd like to buy a house or make other big purchases. She still hopes to go to graduate school but has delayed that until she has a better handle on her college debt for her bachelor of arts degree. Right now, she said, it's more about trying to stay afloat.

About $1.46 trillion in student loan debt has many millennials, as well as others, hiding their wallets and putting big ticket commitments on the back burner. Plain and simple, many young consumers just aren't ready to consume. And many sure don't want to shop until they drop like their parents. "This is really a pervasive trend and it will not be reversed any time soon," said Richard Curtin, director of the University of Michigan Survey of Consumers. In a special report released in late February, the U-M research team noted that consumers younger than 35 aren't terribly optimistic about making big purchases Ė unlike previous generations.

In the past decade, younger consumers have viewed buying conditions for homes, cars and other large household items far less favorably, the U-M survey noted. The survey, which monitors consumer attitudes and expectations, has been conducted by the U-M Institute for Social Research in Ann Arbor since 1946. What's going on here? Some of it is, no doubt, all that college debt. But other factors may be coming into play, too.

One reason many young consumers are holding back their spending is that they're frequently worried about taking on new debt, according to U-M report released Feb. 22.

College debt holding consumers back

Student loan debt in total is intimidating.

(snip)

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#2 User is offline   MTP Reggie 

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Posted 14 March 2019 - 07:28 AM

View Postarticle, on 14 March 2019 - 07:26 AM, said:

Hill Ė who is juggling $90,000 in student loan debt after graduating in 2015 from Hampton University in Virginia Ė figured she didn't need a car payment on top of her monthly student loan payments.


Hmmmmmm...

No mention of what degree she earned. I wonder why....
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#3 User is offline   Bookdoc 

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Posted 14 March 2019 - 07:46 AM

View PostMTP Reggie, on 14 March 2019 - 07:28 AM, said:

Hmmmmmm...

No mention of what degree she earned. I wonder why....
I noticed that as well,,,Probably not a STEM degree.

This post has been edited by Bookdoc: 14 March 2019 - 07:47 AM

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#4 User is online   zurg 

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Posted 14 March 2019 - 07:53 AM

 Bookdoc, on 14 March 2019 - 07:46 AM, said:

I noticed that as well,,,Probably not a STEM degree.

Itís probably a STarbucks degree.
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#5 User is offline   firecoco 

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Posted 14 March 2019 - 07:53 AM

She still hopes to go to graduate school but has delayed that until she has a better handle on her college debt for her bachelor of arts degree.

Is this her degree?
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#6 User is offline   USMCforever60 

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Posted 14 March 2019 - 07:57 AM

View Postfirecoco, on 14 March 2019 - 07:53 AM, said:

She still hopes to go to graduate school but has delayed that until she has a better handle on her college debt for her bachelor of arts degree.

Is this her degree?

Well that explains alot!
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#7 User is offline   firecoco 

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Posted 14 March 2019 - 07:57 AM

View PostUSMCforever60, on 14 March 2019 - 07:57 AM, said:

Well that explains alot!

It sure does
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#8 User is offline   oki 

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Posted 14 March 2019 - 08:01 AM

View PostMTP Reggie, on 14 March 2019 - 07:28 AM, said:

Hmmmmmm...

No mention of what degree she earned. I wonder why....



Well of coarse not. Otherwise that might make young impressionable people question why 'everyone' needs to go to college and get a worthless degree instead of tech schools. Can't have young impressionable mush minds thinking after all know can we? Heaven forbid they grow up to be responsible, self sufficient and think for themselves.

Oki
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#9 User is offline   Taggart Transcontinental 

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Posted 14 March 2019 - 08:16 AM

View PostMTP Reggie, on 14 March 2019 - 07:28 AM, said:

Hmmmmmm...

No mention of what degree she earned. I wonder why....


Dyke studies with a minor in victimization more than likely.
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#10 User is offline   MTP Reggie 

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Posted 14 March 2019 - 08:29 AM


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#11 User is offline   oki 

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Posted 14 March 2019 - 08:35 AM

There actually is a simple solution.

Require students to show that they researched the following:

Average job placement upon gradation locally, regionally and nationally.

Low end pay for a new graduated, at six months one year and five years.
Both locally, regionally and nationally.

Coarse can't do that as many students wouldn't enroll in worthless degrees. And that would cause large shrinkage's of 'Academia'.

Oki
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#12 User is online   zurg 

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Posted 14 March 2019 - 09:02 AM

College costs have been rising at a multiple of inflation for a long time. Weíve reached the tipping point. Itís all the fault of the leftwing government working with leftwing universities to concoct a scheme where people get grants and subsidies and cheap loans, all basically financed by the US Treasury, which is financed by us taxpayers.

I truly hate these idiotic third party payer schemes! They ALWAYS drive costs up without justification.
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#13 User is online   Tikk 

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Posted 14 March 2019 - 09:03 AM

Also from the article:

Quote

She's paying $750 a month in rent; and $180 a month for basic car insurance.

emphasis mine.

$180 per month for basic car insurance!? Assuming that's just liability on a $500 car, that seems really really high.

Probably her driving habits are as wise as her choice of degree.

There are consequences to everything, Amanda. One would think that you would have learned that by now. But I'm sure your college years have taught you that there is always someone else to blame for your problems. Especially as a black woman.
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#14 User is offline   LongKnife 

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Posted 14 March 2019 - 09:03 AM

I know people who didn't go to college and have bought houses, new cars, gotten married, had kids, eat out, buy clothes, etc. Oh yeah, and aren't buried in student loans.
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#15 User is offline   RedSoloCup 

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Posted 14 March 2019 - 09:05 AM

Play stupid games, win stupid prizes.
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#16 User is offline   First Sarge 

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Posted 14 March 2019 - 09:19 AM

Maybe she should "Learn to Code" along with all of the unemployed Journalism Majors
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#17 User is offline   Ladybird 

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Posted 14 March 2019 - 09:49 AM

 Tikk, on 14 March 2019 - 09:03 AM, said:

Also from the article:

emphasis mine.

$180 per month for basic car insurance!? Assuming that's just liability on a $500 car, that seems really really high.

Probably her driving habits are as wise as her choice of degree.

There are consequences to everything, Amanda. One would think that you would have learned that by now. But I'm sure your college years have taught you that there is always someone else to blame for your problems. Especially as a black woman.


Car insurance rates are much higher for black Americans who live in predominantly black neighborhoods. Maybe I missed it, but I didnít read where she has complained or blame anyone for her situation. If she works hard, she will find her way, just like the rest of us.
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#18 User is offline   Kilmerfan 

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Posted 14 March 2019 - 09:53 AM

View Postfirecoco, on 14 March 2019 - 07:53 AM, said:

She still hopes to go to graduate school but has delayed that until she has a better handle on her college debt for her bachelor of arts degree.

Is this her degree?

" Want fries with that?
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#19 User is online   zurg 

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Posted 14 March 2019 - 10:28 AM

 Ladybird, on 14 March 2019 - 09:49 AM, said:

Car insurance rates are much higher for black Americans who live in predominantly black neighborhoods. Maybe I missed it, but I didnít read where she has complained or blame anyone for her situation. If she works hard, she will find her way, just like the rest of us.

Iím certain that being < 25yo and having had an accident are bigger factors in raising premiums than living in black neighborhoods.
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#20 User is offline   firecoco 

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Posted 14 March 2019 - 10:51 AM

View Postzurg, on 14 March 2019 - 10:28 AM, said:

Iím certain that being < 25yo and having had an accident are bigger factors in raising premiums than living in black neighborhoods.

Stop it...You should know by now that everything is about race...Even air pollution is about race now

White people create the air pollution and minorities inhale it...
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