When you're young, you have plenty of time to rebuild that credit. Hell, even with a bankruptcy on your CR, you can still get a car loan (probably can't buy a house anymore), and you can work within the cash/debit card system. If you have $75,000 worth of loans when you're 22-23 years old, you could wipe it out with a bankruptcy and be back by the time you're 30. That is young these days. Especially when you consider it is unsecured debt. I'm not saying I agree with it...we took on half of our son's bachelor's degree, and he managed to get a good job in his career field after graduation, but he still owes a considerable amount of money which must be fit into his budget, while trying to live in Boston. I can see the rationale. When you're "established" and have a lot to loose with less time to make it back, you're probably less likely to look at bankruptcy as a cost-effective alternative.
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