So sick of job hunting

[dsirkle]

When you borrow 10K and end up paying about 30K. I just think they make a lot of money off of them. And, it is the only thing that you can't write off on bankruptcy if life goes terribly wrong.

I understand with a college degree you should be in a higher paying bracket, and that's why college is so expensive. It just doesn't always work like that. Anyone should be able to go to school. I could only go for 3 yrs and they wouldn't loan me anymore because my parents made too much money. Even though they were in debt themselves. So I borrowed 5K for each semester, and owe about 40K.

Many moons ago, I took out my first mortgage for $20,000 (a very inconsequential amount for a mortgage today). I then learned what an amortization schedule was and was very unhappy to learn that if I payed my loan off in the 30 years of the life of the mortgage I would have repaid $69,000.
I learned to always find out the total payback price before borrowing for anything. Do you think that if you take out a loan for a car with a purchase price of $30,000 on a 6 year loan that you are really paying $30,000 for the car?
Any loan tallies up that way. If you can't bear to pay the interest, you shouldn't approach the lender and ask them for a loan.
I can surely understand that you don't enjoy paying back the money, but I just can't view it as a ripoff when the loan was made as a result of your instigation and you signed papers agreeing to the terms.


And for edification, let me add that I have a son with a mortgage of his own and has a wife and young son, who has been unable to find a job in more than a year and whose unemployment compensation has run out. He has now returned to school because of the dismal job market in Michigan.