77% of graduates won't pay all of their student loan back before they die

[original PM]

With the exception of houses - and it's a big exception - there's no need to be in debt for anything as far as I can see.

Indeed - quite agree with that.

[bobspud]

Personally I'd bring in a graduate tax; all students should, from day one of working, pay an extra x% on all earnings to cover student fees. This should include all of us who have ever been to Uni. What % should it be? No idea! 1%, 2% ??? I'm sure someone can work out a suitable figure.

Its already baked into our economy and was for many years...
If graduates naturally earn more then they already pay more NI and Tax as a result. There does not need to be an additional tax just better use of what is collected...

[BrilloPad]

Its already baked into our economy and was for many years...
If graduates naturally earn more then they already pay more NI and Tax as a result. There does not need to be an additional tax just better use of what is collected...

When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

Which is why democracy will eventually fail.

[billybiro]

With the exception of houses - and it's a big exception - there's no need to be in debt for anything as far as I can see.

There may be no need to be in debt for other things but the vast majority are. How many people purchase a car outright vs sign up to the perpetual merry-go-round of "automotive finance" (which is "renting" by a different name)? How many people purchase their shiny new iPhones outright vs sign up to a "contract" by a network provider which is "refreshed" (read: perpetually extended) when the iPhone X gives way to the iPhone X+1? Even TV and music. Not so long ago, we used to buy CD's or DVD's and we'd own them. Today, and more and more as time marches ever onwards, we're signing up to Spotify and Netflix subscriptions on the basis that they open up an entire world of music/TV - more than we could ever own or even imagine - but the moment you stop paying that monthly subscription? You're left with absolutely nothing. Nothing but a sour taste in your mouth and the feeling of ultimate despair and the realisation of the pointlessness of it all.

Have a great day!

[northernladyuk]

When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

Which is why democracy will eventually fail.

A particular danger of credit is with manufactured goods -we are borrowing the future's productive capacity which worsens the crash. Marx had some sensible things to say about this IIRC.

[The_Equalizer]

There may be no need to be in debt for other things but the vast majority are. How many people purchase a car outright vs sign up to the perpetual merry-go-round of "automotive finance" (which is "renting" by a different name)? How many people purchase their shiny new iPhones outright vs sign up to a "contract" by a network provider which is "refreshed" (read: perpetually extended) when the iPhone X gives way to the iPhone X+1? Even TV and music. Not so long ago, we used to buy CD's or DVD's and we'd own them. Today, and more and more as time marches ever onwards, we're signing up to Spotify and Netflix subscriptions on the basis that they open up an entire world of music/TV - more than we could ever own or even imagine - but the moment you stop paying that monthly subscription? You're left with absolutely nothing. Nothing but a sour taste in your mouth and the feeling of ultimate despair and the realisation of the pointlessness of it all.

Have a great day!

The fear of being in someone else's pocket should be greater than the draw of shiny new things. Then again, it's good news as it'll provide an abundant supply of cheap second-hand cars, hi-fis and mobiles for those with a little more sense.

[northernladyuk]

The fear of being in someone else's pocket should be greater than the draw of shiny new things. Then again, it's good news as it'll provide an abundant supply of cheap second-hand cars, hi-fis and mobiles for those with a little more sense.

It will be a bit awkward for the financial system when the value of the second hand cars crash and the PCP et al loans are secured on them.

[Hobosapien]

A particular danger of credit is with manufactured goods -we are borrowing the future's productive capacity which worsens the crash. Marx had some sensible things to say about this IIRC.

Groucho Marx had plenty to say about lots of things, but this quote seems apt:

"Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly, and applying the wrong remedies."

Spot on.

[northernladyuk]

When I was younger credit was known as the "never never". Then governments discovered the magic money tree that could forever provide prosperity and be allowed to bribe voters. The can could be endlessly kicked down the road. And the government who provides the best deal will be voted in.

Which is why democracy will eventually fail.

So how did you end up with all those loans from an offshore trust?

[Lost It]

So the debt holdrs will claim off the estate left by the student after they have taken them to court, got a charging order, issued CCJ's etc. Brilliant policy.