I overheard two young men in the locker room. One said, “I’m going to have to get my limit raised on my VISA.”

“I hear you,” his friend said.

“These hundred dollar dinners.” He shook his head. “If my parents found out about that s***, they’d f***ing kill me. Especially since they’re paying half my support.”

As they went on to compare job interviews, it turned out they were second year students at one of the highest-rated (and expensive) business schools in America. This was the winter of 2009, when you only had to turn on the radio to know the economy was in dire straits. Even two or three years ago, new MBAs already had tough times finding any jobs, let alone the high-paying jobs these 20-somethings were applying for.

I wondered why they were so confident about putting hundred dollar dinners on their credit cards. In the current economy, they might be unemployed for a year or longer after graduation! They’ll compete for jobs with MBAs who have ten more years of experience and have been laid off in the financial sector, manufacturing, and consulting. “Hunker down!” I wanted to say. “Get your degrees, but live frugally! This is no time to be adding to your debts!”