Goldberg
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| Young people and debt |
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It doesn't surprise me that debt is on the rise among young people. I was at university before the dreaded top up fees and I'm still paying off a couple of thousand in student loans. It must be so depressing for new students to start their working life with thousands of debt. But then I don't know what the answer is. I'm sure it's unlikely that state grants will ever come back.
Have any students or parents got any good ideas on how to combat debt?
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Thu Nov 17, 2005 11:21 pm |
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financechoices
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Money management is a rare skill in young people because it's simply not taught. Hence many youngsters go to university (and subsequently live on their own for the first time) and blow lots of money on drink etc. It doesn't surprise me that so many leave university with vast debts.
UK Finance Forum | Loans | Credit Cards
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Fri Nov 18, 2005 10:46 am |
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cravej
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 I graduated with $6000 in credit card debt. Paying that off was the best lesson I've ever learned about money management. Now (4 years later), I have great credit & I save >10% of every paycheck.
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Fri Nov 18, 2005 3:16 pm |
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nomav6
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my parents taught me from day one to stay away from credit cards until you have everything else worked out. So I would say teach them that first, and to get a work study, doesn't pay much but it does help.
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Fri Nov 18, 2005 11:32 pm |
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cangiz
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As a child, my dad gave me money, and he told me to save it up. And I did, now I am a really cheap person, but I have money  .
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Mon Nov 21, 2005 12:03 am |
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reminent
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I think money management should be taught in school and it is a same it isn't. Avoiding credit cards can turn out to be a bad thing because it takes longer to build credit. You can't seem to do anything without credit.
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Tue Dec 13, 2005 8:25 am |
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JamesT
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My old high school economics teacher taught us about investing and credit debt , and brought guest speakers to talk about debt also, but wealth management apparently doesn't sound common in a typical college. I don't know how were going to combat debt other than parents teaching that it will be the norm and how kids can manage it
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Wed Dec 14, 2005 11:57 am |
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sam1000
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Young people get into debt because they want to enjoy life and do things when they are young. They feel that if they miss out on that then they will regret it later. That is the thinking. So if they can't afford it they just charge it.
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Mon Dec 19, 2005 6:31 am |
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rockhound
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| Re: Young people and debt |
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I don't know if my answer will help, or can be considered typical. My parents had no money to send me to college, although they did at least teach me frugality. I joined the Army and used the GI Bill to pay for most of college, and supplemented that with money I had saved during that time, and also worked part time for a year. That got me through the undergraduate years, although it was lean. I wasn't living as high as my friends that had their parents paying for everything, to be sure. I was lucky enough to pay for graduate school by being a teaching assistant, a research assistant, and by doing some consulting. I completed 10 years of college with no debt.
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Sat Feb 04, 2006 2:01 am |
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Greer
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Working part time is 100% necessary during study in order to supplement your studies because student loans simply do not give you enough money to pay for uni and to live off.
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Thu Dec 10, 2009 3:57 am |
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littleroc02us
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Another idea is to not go to college right away and get a job, save up the money and pay your way through college. You won't have any debt then.
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Dec 10, 2009 2:49 pm |
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muaz alwi
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After graduated and get a job....we must create mothly financial budget.When get a salary get a pen and notebook and sit down tih your spouse or by your self. Not only young people have bad debt.If we not create monthly financial budget automaticaly we have a situation in debt.
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Sat Dec 12, 2009 4:48 am |
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archercredit
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The credit education in this country is horrible. Credit card companies have a hay day with college age students and younger. Especially with variable rates and raising rates, hopefully the government will get something going soon to help with the outlandish credit card company practices.
I wrote an article on this a while ago on why I think credit should be taught in school. http://www.buzzle.com/articles/credit-restoration-should-be-taught-in-schools.html
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Thu Jan 07, 2010 9:23 pm |
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jennquilter
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quote:
Another idea is to not go to college right away and get a job, save up the money and pay your way through college. You won't have any debt then.
That's a good idea, in theory, but if you don't stay living with your parents (so you have living expenses) and go out on your own with a minimum wage job (which is what you'll likely get fresh out of high school) it's going to take you a very, very long time to save up enough money to pay for college.
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Fri Jan 08, 2010 3:06 am |
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