Why do boomers not understand debt? - "I don't want to be broke"

PaleTay

PaleTay

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Aug 25, 2020
I've known quite a few middle aged people who will have savings which exceed their credit card debt, but will make the minimum payments for years on their debt. No their savings aren't out-earning their debt, no they wouldn't be struggling if they paid off their debt, they just don't want to see the number go down.
 
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JethroTullamore said:
Because we know that you’re the ones who are going to inherit it.
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Ah yes, the ol' "I'll be dead so it'll no longer my problem" route. Can't say I blame you though since every previous generation seems to do it in some way.

It'll be fun seeing how the millennials and zoomers end up fucking over their kids.
 
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Mr. Bung said:
Ah yes, the ol' "I'll be dead so it'll no longer my problem" route. Can't say I blame you though since every previous generation seems to do it in some way.

It'll be fun seeing how the millennials and zoomers end up fucking over their kids.
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Probably by not telling anyone their Bitcoin wallet password. Or whatever it’s called.

I don’t know, all I know is all that you yougins are getting is my debt, a broken Nintendo 64, and the 1.2 million dollars that will be in my 401k by the time I die before I get the chance to retire.
 
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Because boomers have ( in their case correctly ) been conditioned to believe that it doesn't matter by a lifetime of near nonstop economic boom*

At the expense of at this point at least a dozen future generations, which they don't give a single shit about.
 
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Idiotron said:
Because they know that when they die, the debt will have transferred to someone else.
Why should they pay all of it when their kids and grandkids can do it?
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Next of kin have no obligation to pay off debt. Debt collectors just try to convince you that you do because that's their business model: purchase debt and scam it out of suckers
 
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Fanatical Pragmatist said:
I know millennials and Gen-X'ers who think like this.
"Better to be in debt and have money in my wallet and be in debt than be debt-free and have no money".
I don't think they understand that debt = negative money.

My point being its most certainly not limited to just boomers.
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It actually makes some sense if you think about it. If you don't have any liquidity, you can't do anything...a person with a $200k mortgage and $20k in the bank can always walk away from the mortgage and still have plenty of cash to reestablish themselves. Someone with $0 in debt and $0 in the bank can't do shit.

Now, it's a different story if you're debt-free and have credit available.
 
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Boomers are what you get by propping someone in front of the electric jew for 4-5 hours a day for decades. Chances are some Jews on business news years ago told them this kind of behavior was a good idea, and they'll stubbornly stick by this bad advice without question until the day they die. I've literally offered to some of my boomer relatives to buy out their debt at zero interest and they've declined this.
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