May 21, 2009
College students are running up the tab on high-interest credit cards. The story is here: http://www.denverpost.com/business/ci_12311909.
This is tragic. The students lose 4 to 6 years of income and experience in the job market. Their parents wipe out their retirement funds. The job market is tight.
Add to this credit card debt. This makes every single person a marital liability. Love is blind in general, but blindness here is ruinous.
The compound growth phase of a person's life should begin at 18. For these people, it will not begin until the debts are paid off. At age 30? Older?
None of this is necessary: www.LowestCostColleges.com
I wish this article were assigned to every high school senior in the world. It by Dow theory master, Richard Russell. It is on compounding.
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