this post was submitted on 26 Dec 2023
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[–] [email protected] 43 points 8 months ago (3 children)

I got talked into bankruptcy (by a bankruptcy lawyer, surprise surprise). It cleared $12k of credit cards and bank fees but not the then-$50k of student loans and the spending habits that were the real problem. Now I learned my lesson. No credit cards. Save up and pay. Have an emergency fund that can cover your expenses for months and months in the event you lose your job, or your most expensive unplanned repair. That's the real life saver.

[–] [email protected] 23 points 8 months ago (1 children)

Credit cards are fine for people who can control their spending. I never pay interest, so I get my rewards for free and am building my credit. If you cannot control your spending habits, you might consider a card with a low limit.

[–] [email protected] 9 points 8 months ago (1 children)

You mean you never pay interest by paying off the debt before the next billing cycle, right? Or is it fine to get zero interest for whatever amount of months on certain purchases?

[–] [email protected] 14 points 8 months ago (1 children)

We do both... both are fine. As long as you aren't paying fees or interest, there is no disadvantage to using credit cards.

[–] [email protected] 5 points 8 months ago (1 children)

Ah, okay, I always figured the only way to really be responsible with credit was to use credit cards like debit, but if a big purchase came along that I definitely couldn't pay off within the month, I figured it wouldn't hurt to have zero interest but wasn't sure of the impact on my credit.

[–] [email protected] 7 points 8 months ago

As long as you have the discipline to actually pay the thing off it's fine. Many people think, "oh I have 0% interest, I'll pay it off later" but never set aside the money to do so and end up accruing interest.

I never buy something on them I couldn't immediately pay off in full when I hit buy. I've bought things in excess of my checking balance, but that's because I had enough in savings (separate from my emergency fund), and my incoming paycheck would put my checking balance well above my credit card balance.

[–] [email protected] 14 points 8 months ago* (last edited 8 months ago) (2 children)

In France after high school you pay 170€ the first 3 years the 243€ the next two, 100€ more each year if you don't have aides from the government. Some engineering schools (~600€) or private schools are more expensive.

That's a total of 1496€ for a 5y curriculum at most, if you don't have any aides. (810€ for a shorter 3y one)

For reference the monthly minimum wage is 1398.69€ (without tax).

So if you work two months at McDonald's you can literally pay your entire education with enough room to spare if you didn't pass some years.

(Engineering schools is more but it isn't crazy either)

That's without any help, but we have some cheap apartment specifically for students, help to pay the rent. And in addition to this you can get a sizable amount depending on the income of the parents, sometimes enough to live on.

So why in the hell would you pay 50k. That's 33 times as much, guys just come to France, or the EU and your set lol

[–] [email protected] 6 points 8 months ago

Everything you've said only stands for public university (which is better than private schools however). In the private world, you're looking at ~10000€ a year.

So why in the hell would you pay 50k. That's 33 times as much, guys just come to France

I believe it's more expensive for foreigners to study in France now. You're looking at ~3000€ per year IIRC.

[–] [email protected] 5 points 8 months ago (2 children)

Around 3-5% is spent on textbooks alone

[–] [email protected] 6 points 8 months ago* (last edited 8 months ago) (1 children)

Your textbook is enough to pay for all of our education.

Did no one thought about having a library for that lmao.

P.S. Or more seriously on putting the material online.

[–] [email protected] 9 points 8 months ago

I’m sure some people thought of it. But then everybody else thought “wait, but money!”

[–] [email protected] 2 points 8 months ago

Room and board can be as much as another 20% depending on where you go.

[–] [email protected] 7 points 8 months ago

How has bankruptcy affected you when you've gone to apply for things? Has there been any real long term effects when you apply for like a house or car loan?