Many americans start assuming debt far too early, as many graduating college students are laden with over $20,000 in student loan debt alone. Add on consumer/credit card debt, and the average university student can be $25,000-35,000 in debt before he/she gets his/her first full time job. This sort of debtor attitude is what helped to create the worried coalition that many northern Americans have with credit. Now, I would often agree that the debt for one’s education is a reasonable endeavor in numerous instances.
I believe that prior to choosing a university, oldsters and students should design a long-term roadmap that not only addresses the academic and professional good points and bad points of attending a specific institution, but also the potential long term financial ramifications of the debt they are going to be taking on as it relates to the soon to be student’s future monetary spa health. For many university graduates, a big student loan amount will be a burden which will negatively affect their financial standing well into adulthood, causing some to depend on credit cards as the primary way of meeting monthly expenses. Somewhere along the line, America’s mindset went from cash is king to credit is king. The notion of saving had vanished until only in the near past, as the new mantra became’charge it.’
So, I challenge you today to change your perspective, thinking, and behaviors toward credit. But we can also start with our young folks before they get into the workforce, which explains why we should target our efforts at America’s college students ( our next generation of shoppers ).
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