Why has Debt affected so many young individuals?
There is no doubt about it. Debt is one of the oldest economical issues that we face as a society. Debt plagues the lives of the young as well as the old. Debt can tear families apart and can make it very hard to live. Debt can make an individual feel less than human and shameful for a situation that he or she may have never had control of in the first place.
So who's to blame for such problems as our debts? Always, the first conclusion would be to blame the individual for falling in to their own financial burden in the first place. This may only be part-way true. We are in control of most aspects in our lives but we may have missed some important details on the way.
Here are some concepts that may be overlooked at times:
1. Financial Education - Most Highschools require a personal finance course in order to graduate, what they do not teach you most of the time is the actual implication of what falling in to debt can actually mean. They may show you how to keep a checkbook and how to buy and sell stocks, but they don't teach you about spending habits and what is means to compulsively shop when you can't afford to do so. Debt is often not a miscalulation, it is a emotionally triggered response much like an eating disorder.
2. Credit and Loan Companies - Credit and Loan Companies make it extremely easy to get a credit card without concern for the individuals vulnerability when lacking funds. Most highschool students at the age of eighteen get flooded with special credit card offers telling them they were approved. This creates an emotional trigger that makes the youth feel like they are special when in actuallity the credit offer was sent to every eighteen year old on their mailing list.
3. Business incentives - Most business and commissioned salespeople offer credit as an incentive to buy. They often offer deals like ten percent off your first purchase when you apply for their credit card. This gives the sales people an edge to make the sale. Often times the salesperson also recieves a bonus or incentive for new applicants.
So what can be done to avoid further problems? Well, first things first, start with financial education. This is something that should be taught from the time the youth makes their first purchase or gets an allowance. If the parent wants the child to financially succeed, this must take place.
For those who are already financially troubled, a Debt Consolidation agency may be able to help them fix their credit and give them insight on how to improve their finances. Credit Card Debt Consoladation Services as well as consumer credit counseling services can help the individual understand their debt and help them with a plan to fix it, whether its through debt settlements, debt negotiation, debt consolidation and other financial tactics.
Through better understanding of our finances we as a society can work to relieve ourselves of the burden of debt.
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