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How is it baffling when you literally did the same thing with credit card debt? People are generally bad with financial decisions because they are abstract and
by dpark 8y ago
How is it baffling when you literally did the same thing with credit card debt? People are generally bad with financial decisions because they are abstract and because good decisions typically require significant delayed gratification. Realistically, many sound financial decisions require putting off gratification forever, which is a hard pill to swallow.
I ended up with a decent bit of debt for stupid reasons (e.g. never filed for residency so essentially paid double for college), but was able to dig out pretty easily due to high income. Most people who make stupid decisions can’t dig themselves out easily.
- andrew_ 8y ago> How is it baffling when you literally did the same thing with credit card debt? I entered college when credit card companies were just starting to practice predatory sign-ups on campus and at college events. And many of the tactics they used back then have since been outlawed. That was also at a time when the wealth of information we now have in the internet did not exist. Given the myriad of channels to learn these days, it's baffling. Hell, how many different reviews do we read before making a decision on where to eat, or where to get our oil changed?
- dpark 8y agoSorry, how long ago did you enter college? Honestly the dangers of high interest rate debt have been known for millennia, anyway. This feels like a lack of self awareness. “Other people’s mistakes are their fault. My mistakes are other people’s fault too.”
- RhysU 8y agoTrue, there was predation. But interest on a loan is an old, old concept.