4 ms·
That's fair. Are there financial literacy courses in the US? I know in Canada they reintroduced them a few years ago because banks would push credits card on an
by belval 6y ago
That's fair. Are there financial literacy courses in the US? I know in Canada they reintroduced them a few years ago because banks would push credits card on anyone older than 18 years old and that caused financial problems down the line.
I guess what I struggle with when shaping my opinion on this issue is to balance accountability and empathy. I absolutely understand that an 18 years old might not do the math at all and I find it difficult to support having them struggle for multiple decades because of it. On the other hand, they are adults and by definition they did borrow that money, the lender is "right" to expect to see that money back.
- ntsplnkv2 6y ago> On the other hand, they are adults and by definition they did borrow that money, the lender is "right" to expect to see that money back. I don't necessarily agree with that. Who's fault is it really, when banks give out loans to young adults with no credit history to get an unknown degree at an unknown total cost? We punish young adults for making a poor decision, but we don't punish banks for giving out loans that don't have collateral. Seems unfair, no? And that's the problem. It's a risk free proposition for lenders - students can't default, the interest rates are high. But by allowing bankruptcy, then all the risk falls on the banks. Student loans essentially shouldn't exist, and only do because of the demand for college, which leads into the second problem: There aren't good alternatives to college in the west.