My own. Nearly $100k taken out in loans for a BS in Mechanical Engineering, followed up by a $26k loan on a new sports car and then mortgaging a house for $105k. Parents made a lot of money but didn't save much. They put lots of stuff on credit and were leveraged big time: big mortgage, 2 car notes, line of credit for my mom's business, etc. They always paid for my 'essentials' (groceries, clothes, etc.), and I never learned any good money habits, so any money I made in high school went directly to fun spending, especially going out with my new girlfriend (now wife). I was accepted into an expensive private school, and FAFSA reveiled that we'd have to come up with around $30k each year based on my parents' incomes. Well they didn't save for it, but they were happy to let me use their credit via Parent PLUS loans with the understanding that I would pay them when the bill came due. By the time I got out of school the total pushed $100k (they graciously paid for my first year), and since I learned from my parents to be wary of used cars, I went out and bought a shiny new 2012 Mustang, my childhood dream car. So here I am, 22 years old, new job making approximately half my current debt per year. What do I do next? Buy a house of course! Slap on another $105k on a mortgage with PMI about a year after graduation. Seriously didn't know any better.
Now we're married, found the MMM lifestyle, traded down my car, rented out rooms in the house, and have knocked out about a quarter of the loan balance. There is hope, even for the most antimustachian of us.
