Are you willing to put your dreams on hold?
Are you willing to jump into a different line of work because you can’t find a job in your desired career field?
Are you willing to work multiple minimum wage jobs?
Are you willing to work weekend and holiday overtime missing out on barbecues and birthday parties?
Are you willing to move to a low cost of living area—away from your friends and family?
Are you willing to live with roommates to keep your rent as low as possible?
Are you willing to keep the same phone for 5 years at a time?
Are you willing to not spend money on apps?
Are you willing to go generic over name brand?
Are you willing to be put on a waiting list at the library instead of ordering the book online?
Are you willing to forgo vacations while your friends post exotic adventures on their timelines?
Are you willing to not buy a new vehicle and deal with the hassle of public transit?
Are you willing to not purchase unnecessary clothes for years at a time?
Are you willing to not have a lavish wedding ceremony/reception or decide to forego one at all?
Are you willing to decline invitations week after week, month after month to go out “for just one drink”?
Are you willing to postpone having children – knowing that the cost of diapers, formula and daycare can be just as much as your rent/mortgage?
Are you willing to postpone investing and lose on any company 401k match?
Are you willing to wear the same pair of shoes/sneakers workday after workday?
Are you willing to postpone home ownership?
Are you willing to ride Megabus overnight because the ticket is cheaper?
Are you willing to stick to your grocery list, no matter how good the sale is on “widget x”?
Are you willing to forgo lunch at the fancy salad place and eat $1 pizza or last night’s leftovers?
Are you willing to buy your work suit at an off value department store?
Are you willing to forgo haircuts at the salon/barber?
Are you willing to look your friend in the eye and tell them you have to forgo their wedding because you can’t justify spending the equivalent of 6 months of student loan payments?
Are you willing to tell your mother over the phone, as you hear her eyes start to water that you have to miss Thanksgiving (again) because the roundtrip bus ticket fare can be applied as extra on the principle?
What are you willing to sacrifice to pay off your debt?
Having worked in the banking industry for most of my career, I have seen first hand, the destruction of lives that too much debt brings. Banks, contrary to their advertising, have one aim, and that is to load you up with as much consumer debt as they can. Unfortunately, the public view their efforts as actually doing them a favor, as it allows them to participate fully in today’s consumer society!
You have made some very good points in a unique way through your post. Sadly the message will probably be lost on a lot of people who really should listen.
Yes! A bank’s job is 100% to sell you debt and make you feel inadequate. Think about it, if a bank does not sell you on an interest bearing product, they go out of business.
This is a really incredible list! And I know a lot of these well.
I am working to repay over $55k in student loan debt. At this point I am about 1/2 of the way there, and I should be paid off in a couple years from now.
I go generic, live with roommates, put off investing (a lot), use an old phone, among other things on this list. But I wouldn’t say that I’ve put my dreams on hold because of my student loan debt.
Keep at it and you’ll be out of debt in no time!