Good morning. Soapbox Saturday.
Thinking of getting a loan. Something you want to buy right now but can't wait. Deadline looming. Got to get your application in or you will miss the boat. First read this story. . . . . .
NOW I UNDERSTAND WHY PEOPLE JUST STOP PAYING STUDENT LOANS… Logged in this morning to check my balance. Borrowed $32k back in 2013. Been paying $420 a month, every month, eleven years now. Do the math on that and it's over $55,000 that's left my account. Balance today: $28,900. Eleven years. Fifty five grand. And I've knocked about three thousand off what I actually borrowed. I have now paid them more than I ever took out and I still owe basically the whole thing. WHERE DID THAT $55,000 GO?
Do you want to saddle yourself with a lifetime of debt, then take note. You will never be free of it. When you owe money that's your freedom gone out of the window. This person doesn't understand how loans work.
Money and loans were never my strong point, that's why I steered clear of them. For 35 years my mortgage payments were always covered. There was no other way to buy a house forty years ago. I always saw it as a better way than paying rent over a whole lifetime. I'm glad I bit the bullet and did it.
With the world monetary system on the brink of collapse, the young people of today will not have the opportunities I had. The Government are dashing any hopes of prosperity for future generations.
Catch ya later. Toodle pip. ilona
Hallo Ilona,
ReplyDeleteI absolutely agree with you. After some juvenile mistakes I only took out a mortgage to buy the flat and abstained from any other loans. Whatever else we wanted was saved for and then paid in cash. The flat was paid off in 20 years and I know that with today's market conditions I wouldn't be able to afford it. It's nice to know that I don't have to pay rent in retirement. Gudrun