A 38-year-old with $38,000 in student debt tells other generations, ‘I highly recommend finding a way to avoid taking out loans’ ( fortune.com )

saltesc , 7 months ago

I grew up very poor. It's in my nature to avoid debt like the plague, even "good debt". Somehow that's worked out very well for me, so I also recommend it.

HubertManne , 7 months ago

im not so sure there is good debt anymore.

Schal330 , 7 months ago

I picture a 36 month interest free loan on a big purchase could be "good" debt.

I don't tend to buy things unless I can afford it outright, but sometimes the interest free option is enticing by letting me keep my money accumulating interest in savings each month and slowly paying off that purchase. In doing so it helps my credit rating should I need it in the future for an emergency.

HubertManne , 7 months ago

yeah as long as the interest free loan is for something you could swing without a loan I could see. I was thinking mortgages and such with housing being so high.

XTL , 7 months ago

I grew up with that and "pay off debts before you save". It didn't work out well and I've probably wasted years of my life struggling before I learned to do the math instead.

Oh, my recommendation: check what the situation is in your country and your time instead of trusting what boomers who grew up in a twisted economy say or what you read from a completely different country's economy or era.