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Lower income and no debt. I have a lot of CC debt right now. I even had to buy a used car and had to use a cash advance for some of the money, but it's zero percent for like 18 months, with a 4% charge initially and I will be done paying it before the interest starts. Then I can start on my main credit card that is much higher than I feel comfortable with.
If someone is smart enough to get a high income then they are smart enough to get out of debt... If they have debt they chose to be in debt
I agree. But I also want to point out that the 60K or 70K quoted in the OP is not a lot of money and most would not consider it to be high income at all.
Quote:
Originally Posted by Submariner
I am retired. We live near a state university campus, and socially we know many current students. One thing that amazes me is to see how many of these students have chosen majors that do not lead to high paying careers. they are steering themselves toward low-pay or careers outside of their degree fields. And nearly all of them are racking up a lot of student debt.
I am concerned about how many of them [after they graduate] will be earning between Minimum-Wage and 2X MW in their 30s while facing student debt equal to a home mortgage.
I am no college counselor, but it seems that nobody is giving them good advice.
Any student can google search top paying marketable degrees. The problem is that most of these majors involve technical skills and are heavy in math and science. So students, who are simply told to study what they love, stick to some liberal arts or history degree.
I don’t know who I would blame for it. Part of it is the fact suck worthless degrees are even available to students and part of it are the students who clearly should know they won’t make a of money with their bachelor or arts.
I'd rather have a high amount of student loans to fund a career that will promise higher wages. e.g. I do not want $60k in student loans for a British lit or history degree. But I also don't want a low wage of $5k in credit card debts either.
The question doesn't make sense. A homeless person has no debt and a low income. A person earning a million dollars a year, drowning in debt, going bankrupt and losing everything has a high income and high debt. Most people wouldn't want to be either.
Some people spend everything they make or can charge on credit no matter how much they make.
Other people live within their means, have no debt and save part of their income no matter how much or how little they make.
The psychology of debt and spending is different for different people.
That's why I have no credit cards. Using them alters the way you spend and think of money.
I'd rather have a high amount of student loans to fund a career that will promise higher wages. e.g. I do not want $60k in student loans for a British lit or history degree. But I also don't want a low wage of $5k in credit card debts either.
Good luck with that, because i know 2 people in my family that has masters and PHD in psychologist, both racked up over 100k in school debt, and still paying on it 10 years later. Just because you think you have a degree in a good field doesnt always mean you will get great pay. No promise in this economy.
It's not about income vs debt.
For me it would be about how much in SAVINGS, investments and financial cushion do I have.
I have no issue having debt if it's at zero percent and I have the savings to pay it off anyway.
Another thread is about "3,6,18 months or t-23 years same as cash financing deals." I have no problems with those.
I always go with having the higher income (unless that job doesn't work for me work/life balance-wise.)
No debt means the holes on my pocket have been sewn up
Now filling my pockets with money will not be hard
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