The Debt Luck Club | Life of Debt EP. 2 – Learn Liberty


One trillion dollars. That’s the amount of
student loan debt that’s out there in America. And a lot of that borrowed money… it’s not
getting paid back. Hello? The class of 2014 will graduate with an average
student loan debt of thirty-five thousand dollars. Yeah, good luck with that. Mr. Williamson? Yes. Hi! This is Susie, from Prestigious Financial.
I’m calling to discuss your student-loan debt. … Hello? Hello? You’re not gonna get away
that easy. Hello? … This is for you. And, uh, it kinda
sounds important. Hi, Tom. How did you do that? She switched the area code. Many debt collectors,
they hire investigators whose job it is to find you. What … what are you doing in my kitchen?
Who are you? I’m baking. Do you want a brownie? What kind? No, no. That’s not what I meant
to say. Tom, Tommy, Tom Tom! We musta gotten disconnected. Apparently there’s an intruder in my apartment,
and he’s baking … brownies. Yeah, chocolate! We used to talk. You used to send us payments. I know. I know. Only about two out of five student-loan borrowers
are making timely payments. The others? They probably took on too much debt, debt you can’t
manage. That’s bad debt. What are we gonna do about this? Do we have to do something? If you don’t pay, we can garnish your wages. Maybe I’ll file for bankruptcy. Oh, no, you can’t. Student loans are not generally
dischargeable in bankruptcy. That doesn’t work. I don’t have any more money right now. I’m
only part-time. Do you have any idea of the penalty for not
paying? Anything you can sell? Not really. Some board games at my parent’s
house. Like Clue? Candyland. Candyland. Now that’s a good game. You should
hold onto that. But look: It’s just gonna get worse and worse. The rates will increase.
There’s already the fee from your loan going into collection. What are we gonna do about
this? I’ll sell some blood … and sperm. No one wants sperm from a guy who’s in default. I’ll crowdsource my loans. I’ll panhandle.
I’ll break dance on the subway. Whoa, whoah, whoa, whoa, whoa. Not just anybody
can learn to dance like that. It requires years of practice. … That took years of
practice. Every day you don’t send a check, it weighs
on your soul. I’ll keep calling until I get my money. I’ll rob my roommate. How much money does he have? His parents are loaded. Well, it would be wrong of me to convince
you to do something illegal. But…. Dot dot dot…. [Tom laughs nervously.] Who’s Dot Dot Dot? Oh, that’s an ellipsis, meaning…. Y’know
what? Figure it out yourself. Oh. Oh, oh, oh! Oh, hey! Hey! Oh, your phone.
I, I, I, I was just gonna… I forgot. Yeaaah… This is probably not gonna work
out. You… should probably… move… out. I was just… Dot, dot, dot! … [Sighs.]
Okay. Dude! Are those brownies? Total student-loan debt has quadrupled in
the last ten years. And, get this: Student-loan delinquency rate? That’s gone up by almost
50 percent in the last five years. A little forethought in college, including choosing
the right major…. Well, it could go a long way. If you had to guess, which major has
higher unemployment? Theater majors? Or… economics majors? If you guessed theater majors,
you’re wrong. The facts might surprise you. Don’t guess your way through college. Click
here to learn how to best prepare for your future.

29 thoughts on “The Debt Luck Club | Life of Debt EP. 2 – Learn Liberty

  1. I was lucky to not incur student debt thanks to a prepaid college plan my parents set up when I was born. These days those plans have gone way up in price. Are those still a viable way to fund a person's education? Also another good tip: Keep you debts in the family. I own basically nothing to credit card companies but I have a car loan from my parents, so I have a flexible repayment plan with them. Probably not an option for everyone but people shouldn't forget that exists.

  2. When I went to college, you could actually earn enough money part time and with summer jobs to work your way through. The inflated cost of college today makes that much more difficult. Easy to obtain loans, no respect for blue collar jobs, and less competitive entrance requirements has pushed a debt free college education out of reach for many.

  3. Crappy voice quality.

    Not very informational.

    Not very interesting.

    I subscribed to Learn Liberty for fast facts, hard hitting, and very informational videos. Not…. whatever this is.

  4. I was lucky enough to get through 4 years of college with only $14K in debt, thanks to academic scholarships and a government grant. With an awesome job I landed right out of college, even though it was only a temp job, I now owe only about $8.5K

  5. Thankfully, I have no damn student loan. And I never needed college to begin with, assuming I will one day get paid for the work I'm doing. 😉

    SEND THE STORMTROOPERS! (lol just joking…) But seriously, these videos are setting up the impression that the government is eventually going to be more like an extortion racket, except self-legitimized through the evil known as "laws".

    I also forgot the argument that based on my experience (no pun intended), all jobs are hiring strictly based on experience, not education! That's with a college degree in "Electronic Media and Film" as well as a CompTIA A+ Certification.

    Finally, yes these videos are slightly entertaining. 🙂

  6. The federal government is making A LOT of money on the interest of the trillion dollars in outstanding student loan debt.

    Despite nonsensical news of the slow economic recovering that's nothing but propaganda, the fundamentals are bad.  The US is in a classic debt spiral.  It won't end well as the economy unravels.  The first victims are young people unable to find a job.  Look at the graph of student loan default.  It's very scary.  Student loans are the next bubble to burst.

  7. Learn Liberty, please make these vids more educational and less goofy. Also, get rid of the tacky annotations that pop up every 10 seconds. 

  8. Glad I'm in an engineering program then…

    Won't be the highest-paying job, but they're always in-demand. 😉

  9. No one forced these student loans on these students. They PROMISED to pay these back. Anyone with google can see what they're getting themselves into…

  10. Did I understand the last 2 minutes correctly? 

    The message seems to be: Select a major based on the future employment potential – essentially a dollar value. Set aside any interest and passion you may have; just pick a subject that pays well. Oh and BTW, you must base this choice on a set of forward looking statistics that will almost certainly be out of date by the time you graduate.

    That seems disingenuous to me, not to mention a little ignorant – why would I even attempt to slog my way through at least four years, studying a subject I have no passion for? Are you then suggesting I spend my life in search of job based on that very same degree? Essentially you want me to lock myself in to an education and a job I really don’t enjoy.

    Why don’t you just create a list of top paying degrees, and then remove any subject area from the list that has the potential for low unemployment four years from now. Problem solved right? Tell you what, why don’t we let Liberals form the state sanctioned degree programs and let them select which student is fit to study?

    Here’s an idea, why don’t we make education so expensive that each year it moves further and further beyond the reach of the average person and just make it an elitist institution – oh wait… isn’t it… never mind.

  11. And now a message to the authors from one of your sponsors:  May I humbly recommend you revisit your video making style? You come across as patronizing, smug and sanctimonious. You seem to have a very real need to infantilize every student with a loan; essentially you sound like a parent: 

    “Look it’s the debt collector boogie man! He is coming to get you!” 

    Please don’t do that.

  12. btw breakdancing/robot jokes have never ever ever ever been funny. I see hollywood writers make that same lame ass joke and I have no idea why. People just cringe at that shit. 

  13. These videos are terrible. The Off the Clock Economist series was terrible too. This channel used to be amazing. Can you guys please go back to producing videos that don't suck?

  14. My problem with these is that they aren't exactly going to grab people who aren't already conservative or libertarian.

  15. It is probably easier to go to prison than to go to college. In prison you get free room and board and you also get an intensive hands on education that will prepare you for the oppurtunistist climb-to-the top world we live in.

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