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Personal Loans And The Youth Brigade |
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Submitted by Martin Martinez
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These days, loans are a way of life. People from every class and background have gained access to one kind of loan or another. Moreover, it is not just the older members of society who can avail of loans these days. Nowadays, the younger generation can also try their luck. Thus, rising numbers of teenaged people and young adults are resorting to loans to see to their financial needs. The ease with which loans can be acquired has led to many young adults becoming indebted even before they are able to get a steady job. This certainly is becoming a cause for concern.
The problem is that young people rarely have enough financial education to ensure that they make good decisions with regard to their money. Not enough financial education is given to young people who might be ready to secure loans. Thus, they face difficulties in paying off the loan as well as settle down to a new lifestyle once they start working. Car loans, education loans, and other sundry debts that young people bear the burden of can result in them struggling to pay off regular bills. The debts that were incurred during the days in college become major debts that find them struggling to make ends meet later on.
Making investments later on also becomes difficult because of this. One may question whether there is a need to saddle young people with debt burdens while they are still young. But this is the way the world is progressing. And it does not help that college education is usually rather costly. Of course, student loans aside, young people end up running up rather large credit card debts as well. This too adds to their sense of indebtedness later on.
The point is not to keep young people away from personal loans. Rather, much greater emphasis should be placed on educating them to make much better use of their money. Financial education is the only solution to creating individuals that shall learn to put their money to good use. This would lead to greater investments by young people. If the investments are sound, the returns from them may eventually accrue to a sufficient amount to pay off a large share of the burden of debt.
We commonly associate young people with financial irresponsibility. However, it is unfair to saddle only young adults with the tag of being financially naïve. Instead, there should be some attempt to help this age group become wiser when it comes to their incomes.
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