Its been 10 months since this article was posted and brushed away by Bealzebub and others so I'l post it again:
Pilot debt, a safety issue?
By Dr. Simon Bennett
Director Civil Safety and Security unit, University of Leicester.
Some quotes:
My 2010-2011 British Airline Pilots Association(BALPA) funded research confirmed indebtedness to be a problem for pilots. The following statement is typical: "I accrued training costs of £118000 (ab-initio and two conversion courses) current debt left after repaying for ten years is £62000. Monthly repayments to the bank are £1050. About five years to go."
Asked to comment on the quality of First Officers one Captain said: "They seem to be selected more on...their willingness to take on huge debt then on their suitability for...command. They routinely seem to be in such dire financial situation that stress is only a matter of time." Having taken on huge debt, mediocre remuneration makes it hard for pilots to make ends meet.
Debt is a stressor. It limits options and life chances and circumscribes choice and geographical mobility. This is why newly qualified pilots find themselves commuting long distances on a daily basis or living in poor-quality, overcrowded accommodation while on duty.
Pilots careerism and vocationalism is exploited by the airlines who know that most pilots will accept base moves. Only if regulators reference the realities of of pilots' lifestyles can they deliver intended safety margins.
Are politicians, regulators and airlines in denial? Yes they are. This can only end badly.
Buy the mag and read the full article. It is a word of warning to all you wannabes out there who think massive loans are the way to go.