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Old 23rd Nov 2008, 17:20
  #4 (permalink)  
Wee Weasley Welshman
Join Date: Feb 2000
Location: England
Posts: 0
Credit/Debt boom. I've sat next to a 22yr old with 88k of unsecured training loan who had a further 4k on an Egg card and spent the last two weeks of the month living off his overdraft. His 7k of student loan he barely counted as real debt.

Yeah, he was flying a B737-700 an earning a cadet salary.

But even so. That wasn't normal until the last decade. Its the cost of servicing (not repaying) that means that for many qualified Wannabes the old route of a few years instructing then air taxi, then regional T/Prop is a non starter. They'd be bankrupt first.

This access to loose money is what has caused airlines to stop paying for type ratings and to expect the first 6 months work for free.

Tightening of money will kill this stone dead.


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