Most of us look back and wish we would have done something different in our lives. It makes me sad to think that 19% of people who file bankruptcy are college kids according to an article he quoted from USA Today. Just think of it, nearly 1 out of every 5 people filing bankruptcy are our college kids. That stat just blows me away. Perhaps like divorce, bankruptcy is become the “norm” for generations to come? I pray not.
I like this quote I took from Dave Ramsey‘s website (http://www.daveramsey.com/article/is-bankruptcy-the-new-college-trend/lifeandmoney_college/):
It doesn’t have to be this way.
A student could work a 12 hour/week part-time job, making $8/hour for their four years of college and earn nearly $20,000—which will almost cover the expenses that an average student takes out in loans.
Combined figures from The Project on Student Debt and a study by Noel Levitz show that, on average, the number of students who graduate with student loans from a four-year institution is more than the number of students who plan to work at least 10 hours a week while attending school.
All this comes down to is a shift in attitude and mindset. That same “have it now” attitude that puts every purchase on a credit card will also opt for bankruptcy, the “quick and easy way out,” years later.
God bless and thanks for reading.
- Declaring bankruptcy doesn’t ease student loans (cbsnews.com)