Generation Y and Debt

[dumbandhappy]

http://www.theprovince.com/life/fashion-beauty/drives+luxury+sales/6811157/story.html

http://www.theprovince.com/business/Canadians+high+debt+loads/6795725/story.html

:ohmygod:

I’m new here for awhile. I was talking about this to a guy I met and who I work with. This is a guy who wears designer cloths and goes to expensive restaurants but he lives with his parents and doesn’t pay rent and they gave him one of their old cars. He quit school last year.
He told me a story about his credit card. He used numbers but that wouldn’t be fair to say so I have to make it general.
His credit limit is about one third of my pay for a year. He makes a bit more than me because he’s been here longer. His card is near the max. It has a super high rate of interest that I didn’t even know exhisted. He makes the minimum payment every month, that would probably be covered off by a few hours or a half a day of his take home pay. He buys his meals and cloths on the card and takes cash from it too. Never brings lunch to work or use the coffee room there.
When he maxes this card soon he says he will get another one and keep making the minimum payments on this one so he doesn’t get in trouble. Use his name a different way.
I have no debts and save what I can. I have a credit card that I got for emergencies and travel to here and home and the net and I use it sometimes. But I always pay it off at the end of the month because I don’t want to be paying any interest to a company that gives a card to a guy like him. No way!
My question is, what will happen to guys like me if a whole bunch of guys like him have to get bailed out? I have to admit I’m tempted after seeing what he has and does that I would like to go whole hog too sometimes. How will he buy a house or a new car when he needs one? As far as I know he has nothing but junk to repossess. I hope he doesn’t get rewarded for what he does by getting a bail out when he hits the wall. What do people here think will happen?

Thanks
I don't want to get anybody mad. There are some smart people here and I just want to know.

:sunshine:

[Captain Awesome]

There are smart people here? :137:

[Queen K]

Ha haaa I was reading this about Gen Y and thinking what a bunch of self indulgent, whining, stupid, moronic putz's.

They are buying like no tomorrow? Restaurant meals, designer clothes, jewelry and the whole hog with nothing but their Gen. X and Baby Boomer parents to inherit from?

:dyinglaughing: :dyinglaughing: :dyinglaughing:

I call them Generation M for Morons.

And no, not everyone in that age group fits the bill, yada yada, I know I know.

In the Daily Courier there was an blurb on how the rich lost a bit of their wealth, poor babies.

[grammafreddy]

If 10 is smart and 0 is major stupid, then he's a 0 and you're a 10.

Eventually, his debts will catch up to him. The credit card companies will hound him and make his life miserable. They will call night and day, send threatening letters and take him to court to recover what they can of his debt to them. They will garnishee his wages and that could lose him his job.

His credit rating will tank and nobody will lend to him for a house or vehicle (or anything). He also will not be able to get another credit card once he has destroyed his credit rating.

You, on the other hand, are building a good credit rating and are a whole lot smarter than he is. Good job!

[NAB]

The saddest part is that we now have so many ID ten T's living that way that they are having a significant impact on our stats with respect to the economy. When they hit the easy credit wall, so will the economy, which in turn will hurt many of those who lived wisely. But those who lived, saved, avoided excessive debt and spent wisely will be the survivors. Your co-worker will probably end up sitting on the street in rags with a tin cup begging for a handout from folk like you. Ya just better hope interest rates shoot up sky high pretty soon to put a stop to such nonsense.

Nab

[GrooveTunes]

The guy that caused a lot of it is now trying to stop it...... :dyinglaughing: Too late.

http://www.cbc.ca/news/business/story/2012/06/20/mortgage-rules-tightened.html

[NAB]

Sorta torpedos the BC government's recent smoke and mirrors budgetary move to help first time home buyers doesn't it.... Anyway, 25 years max is where it shudda been all along. How is this likely to affect interest rates charged by mortgage lenders?

Nab

[The Green Barbarian]

Sorta torpedos the BC government's recent smoke and mirrors budgetary move to help first time home buyers doesn't it.... Anyway, 25 years max is where it shudda been all along. How is this likely to affect interest rates charged by mortgage lenders?

Nab

:127: What? Torpedoes it? What?

[threadbear]

!!!!!!!!!!!!!!!!!!!!!!

[NAB]

:127: What? Torpedoes it? What?

Ya really shouldn't need me to get out the crayons on that one GB.

Nab

[The Green Barbarian]

Ya really shouldn't need me to get out the crayons on that one GB.

Nab

You wouldn't anyway Nab, just like you don't when you cry about "tax loopholes" that don't exist among other things. This comment you made just stunk of you trying once again to dig up something negative to say about the provincial government, and that's why I called you on it, fully expecting your typical condescending response.

[dumbandhappy]

Lunchtime for me and I brought my notebook.
Sheesh some people want to argue like this is their tread and they started it.
It's the nicesest day here.

theoncover this is an interesting article so I'll have to get the book.
If you don't mind where did you go to university?


:sunshine:

[threadbear]

!!!!!!!!!!!!!!!!!!!!!!

[NAB]

"Opinions mixed on changes to mortgage rules"

http://www.theprovince.com/news/Opinion ... story.html

[dumbandhappy]

Thanks theonceover. I'm going to look into this.

After reading the article again I can see where my workbuddy has been watching too many commercials with the movie stars in them.

Your co-worker will probably end up sitting on the street in rags with a tin cup begging for a handout from folk like you. Nab

They should put a picture like this on every credit card like the cigarrettes.

:sunshine: