I see my fellow oldies telling young people who are struggling with affording housing that they NEED ROOMMATES. And yeah, I had to split rent with someone for most of my adult life even though I always had two jobs, so I get it.
But we also tell young people to NEVER EVER COSIGN A LOAN for anyone. Ever. Solid advice.
But don’t we understand that signing a $24,000 a year lease with someone IS COSIGNING? Even worse because they are risking their housing & future housing. And if there’s property damage they could get sued for more than just the rent to the end of the lease term.
Residential leases are usually “joint and severable” meaning you both or either one is legally responsible. Landlord doesn’t have to care who actually paid & who didn’t, or who did the damage. They can collect from you if they think you have better resources.
We need to do better than the old “I had to suffer with roommates so you should too!” especially when young people think stuff like the “Klarna Hack” is smart and normal. We can’t encourage kids to sign leases for tens of thousands of dollars with strangers who might be so unhinged that sharing space isn’t even physically safe.
I know y’all don’t need this lecture, but we need to stop knee jerk saying stuff to young people that directly contradicts previous life advice. We can’t encourage kids to ruin their financial lives then call them dumb when they listen to us and get screwed over.
Also can we stop telling them that the tax bill from discharged debt is worse than the debt itself? That doesn’t even make sense, especially when I sort of believe that a 1099 for discharged debt is an urban legend. Even if it happens I would have gladly paid income tax on my forgiven student loans instead of having to pay off the student loans. Bankruptcy doesn’t ruin your life either. It’s a constitutional right to a fresh start.
Sorry about my rant. I just don’t understand why people don’t see that “get a roommate” is financially the same thing as cosigning.
#debt #housing #TheRentIsTooDamnHigh #credit
