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It is not surprising to find that most of our
young adults are in debts. From school loans,
credit card bills to mortgages for the new car
and house. Most of the young families in America
are finding it harder than ever to live a life
without debts.
Young adults mostly blame it on the rising cost
of living, school fees and the easy
accessibility of credit cards. But did they ever
take a closer look or even examine at their
spending habit??
Well, the sad truth is that according to the
latest US Government report the personal savings
rate has plunged to a negative 0.7 percent in
December from negative 0.2 percent in November.
The question is: Are we getting financially
richer therefore reducing the need to save?
Or are we getting poorer and living
hand-to-mouth monthly with no extra money to
save?
As the national disposable income did not change
much, it means that people are still earning a
considerable amount of money but are still
getting into debts and saving less!
If you ask me, spending habit and carefree
mentality plays the biggest part in young adults
running into debts. Young adults today do not
have a clue on what budgeting is all about. They
spend on credit to get a fanciful car or watch,
dine in good restaurants and live in big houses
all on credit.
With little knowledge about needs and wants
spending, young adults tend to splash money on
wants expenditure that left them heavily in
debts without them realizing it!
Yes. I believe that the ease of getting credit
must be questioned. But still, the carefree
mentality and attitude of young adults spending
habit are more problematic and tricky. This I
feel is an issue that needs to be work on if the
nation wants to help young adults from running
into debts a problem almost unseen of 20 years
ago.
About the author:
Moses Wright is the webmaster of Bulletpedia.com. He provides more helpful information on debt and bill consolidation tips, personal finance credit help and personal finance loan help that you can research in the comfort of your home on his website. You are welcome to reprint this article if you keep the content and live link
intact.
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