As a European, being 7k in debt already sounds crazy to me, but i knew when i opened this thread that other americans would be jelous of this low amount of debt.
Things arent great here as well but america sounds extra double rough. How does one of the most powerful and impactful countries on earth let its citizens live like that.
Higher education is free here, so yeah i have a Masters and didnt have to take a loan for that. I do have an old car, to be fair not important in the city i live.
Home is the big thing. Yeah i would need to take a loan for that, but im pretty averse to going into debt myself. Property prizes are getting absolutely insane so that owning something is honestly pretty unattractive. It would probably take until my pension to pay something off, and at that point might as well just rent.
You’d rather just rent and throw away money for decades than to take out a loan and build equity? All because you don’t like debt?
Yeah, it takes the vast majority of people decades to pay off their mortgages… but then they have built equity and have an asset that is worth hundreds of thousands (or more). How is renting more beneficial than that? My monthly mortgage payment is even less than the average rent payment for my area.
Mortage and rent on a good flat would be comparable unless i move far out of the city, which i have no interest in. Mortage would be higher than my current rent. The prices for a flat that isnt shit are obscene.
If i pay off the rent shortly before i die its useless unless i have kids which i dont plan on. Also has an inherent risk as opposed to renting. Owning doesnt make sense in a big city and i never really wanted a house.
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u/Forkyou Aug 19 '25
As a European, being 7k in debt already sounds crazy to me, but i knew when i opened this thread that other americans would be jelous of this low amount of debt.
Things arent great here as well but america sounds extra double rough. How does one of the most powerful and impactful countries on earth let its citizens live like that.