Parent Plus Loan information and experiences

blossom
Fri, 21 Jul 2023 14:06:30 +0000

I’m confused.

Every day- literally every day-- people discover that they are underwater on their mortgages, or that their adjustable rate mortgage went UP, not down, or that they now owe MORE for the vacation they put on their credit card than it actually cost to go on vacation. People who buy a $500 TV but end up paying $1200 for that TV by the time they are done… and oh by the way, the TV uses obsolete technology so now they need ANOTHER TV. People buy annuities which- based on their age and financial situation- only benefit the person who sold them the annuity. People listen to the cute ads on TV “Do you have a structured settlement? Get cash now!” and they actually sell their structured settlement-- typically because they were victims of an accident or medical malpractice and the settlement was set up to provide them with an income for life. But no- they sell for cash, and they a year later they are broke.

How many lottery winners end up declaring bankruptcy?

Does it matter that they are members of a union or not? How is that relevant? People make dumb financial decisions all the time. There are guardrails in place for many products (someone with 50K in investable assets typically cannot put it in a hedge fund or other vehicle only open to “qualified investors”) but at some point adults need to ACTUALLY read the documents they are signing.