Money Management

[medhope15]

Just wondering what people think of themselves and their peer groups regarding managing financial resources / financial responsibility.

We had some interesting discussions about health care affordability. I've also seen a lot of younger peers just being extremely poor with money. Spending beyond means, using multiple credit cards and collecting debt on them thinking "I'll pay it back later, whatever" etc.

[Bambi]

Due to lack of financial resources, I was on a strict budget since high school. In undergrad, there were no credit cards, no buying coffee or lunch, I brown bagged it as I was surviving on student loans. In med school, the LOC was used carefully. So, I learned financial responsibility b/c I had to, always made good choices with money and only recently in med school had the luxury of a credit card.Based upon my background, I will always be responsible with money.

[leviathan306]

Just wondering what people think of themselves and their peer groups regarding managing financial resources / financial responsibility.

We had some interesting discussions about health care affordability. I've also seen a lot of younger peers just being extremely poor with money. Spending beyond means, using multiple credit cards and collecting debt on them thinking "I'll pay it back later, whatever" etc.

These same people are the ones declaring bankrupcy on their students loans and passing the bill over to the tax payer.

[rmorelan]

These same people are the ones declaring bankrupcy on their students loans and passing the bill over to the tax payer.

 

that is still kind of complicated:

 

Amendments to the Bankruptcy and Insolvency Act (BIA) that took effect in September 1997 changed the status of student loan debts by making them non-dischargeable if a student filed for bankruptcy before ceasing full- or part-time studies or within two years after studies ended. A student who went bankrupt during the two-year period, however, could apply to the court at the end of the two-year period to discharge the student loan; the court could order a discharge if the student was able to demonstrate that he or she had acted in good faith and could not repay the loan due to financial difficulty. Students who filed for bankruptcy after the two-year period could have their student loans discharged as part of the normal bankruptcy process.

 

basically the court is resistant to the clearing of student debt that way. As for the other debts - well you would still be sidelined for a bit to say the least.

 

A lot of this I think is to do with the fact we really suck at educating people about personal finance. I will scream out to who ever will listen that we should be teaching this in school.