If I decide to life beyond my means, have fun, travel and enjoy luxury stuff – I can max out my credit cards and take pleasure in knowing that someone else will pay for it if I can’t!
That’s right, if I can’t pay that debt – I declare bankruptcy, and can start from a clean slate in a few years (granted, it’s a bit tougher now, but from what I gather it can still be done).
If I decide to buy a house that’s at some point becomes beyond my means – same story again. If I can get that mortgage and it turns out I’ve overextend myself – I foreclouse – and voila , my headache is somebody else’s now.
Same goes for the corporations and business development debt.
BUT – and here come the BUT,
If I decide to invest in my education, (supposedly the level of education makes the US more competitive and is in general “good for you”), and it turns out to be a waste- it does not pay off in terms of job/more income – there is no way I can get rid of the debt, bankruptcy or no bankruptcy . I am enslaved forever to pay it back, even if I have to prostitute (oh wait, that might be illegal!) or wait tables to do so.
That’s right – indulgence, overconsumption, excessive risk in business ventures are good- you can have fun AND get away with it, but falling for education trap – that’s where you have to be an adult and pay for all your fantasies. Education is supposed to bring knowledge, and knowledge is power – now you know education can screw you royally!
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