Is Debt Just A Fact Of Life For The Current Generation?
June 25, 2008
I was reading an interesting story from the Metro Active website called Generation Debt and it really struck a chord.
Rance Robo, the person profiled in the article, got his first credit card in University and proceeded to ring up thousands of dollars in debt, which he’s still fighting to pay off at 30 years old.
This is precisely how I got hooked on debt - I signed up for a credit card with an application that was being handed out in the student union building when I was in university, and I proceeded to spend, spend, spend - until I finally came to my senses.
The trouble is, there are far too many people in today’s generation who are more interested in having the latest gadgets, the right brand of clothes or the fancy coffees. Not enough of us are thinking about saving money and planning for our future.
Where does the fault lie? Personally, I believe that the school system needs to teach financial management from an early age.
When I was in school, I got one class in high school that taught a little bit about budgeting and that was about it. If I’d known how dangerous overspending on credit cards was when I arrived at university, I might have thought twice before signing up for those cards.
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