Young Adults and Debt: Cutting The Credit Card


Credit Card




When we were younger, debt seemed to be something we wouldn’t have to worry about in quite some time. The conversations steered around mortgages and car loans; the kind of debt grown-ups have, in other words. Little did we know that we’d be swimming in it ourselves after just a few years in college – feeling less than grown-up even though it keeps accumulating.

Here is a quick guide on how young adults can clear their names as soon as possible and avoid building more debt, making the future a little bit brighter after all.


Students and credit card debt

Everyone’s talking about young adults with student loans and, while we all have them, it’s nice to forget about it for awhile. Just for now. Did you know that young students are racking up credit card debt at a much higher rate than the other age groups? And we’ll be slower at repaying it as well, leaving us to face old age with a lot more debt than our parents did.

It says a lot, considering that they’re currently worried about whether or not they’ve saved up enough for their retirement; we’ll still be trying to find ways to pay back on our credit cards, let alone have money to set aside for old age.

While it’s much too common for 20-somethings to graduate college and spend half of their paycheck every month on paying down debt, there is a way out. Check out, by the way, for some brilliant tips on how to pay down your student loan as well.


Learn to say no

The story is often the same for every young graduate with credit card debt. They signed up for a credit card the first day on campus, got the free T-shirt, and promised themselves only to use it on a rainy day. The problem with college is that there’s a lot more of those rainy days than we predicted – and the debt is a fact.

The advice from experts is clear: learn to say no and learn to enjoy spending time with others without spending money. Pack your own lunch, avoid eating out, and adopt a guilt-free attitude where you’re not afraid to admit to saving money. It makes it a lot easier to follow through with it when your friends know that you’re trying to save, and they can help to keep you from straying too far with that credit card as well.

Remember that the sooner you start with all of this, the quicker you’ll be able to get out of it as well. Get in touch with professionals, even if it’s just for a bit of advice, and make an honest commitment to saving rather than spending the money you earn. Have a look at and read up on a few of your options, for example. It gives peace of mind.

It would be nice to be able to save up for retirement by the time we hit forty, right? Although we may have a harder time than our parents, we can still make it through by sticking to our budgets and settle with living with a bit less. The reward is worth it


Site Policy


Leave a Reply

Your email address will not be published. Required fields are marked *