Just read an article today that 50% of teenagers are in debt by the time they are 17! That’s pretty shocking when you think about it. Not only is it scary because it’s hard to have a stable income at that age and therefore easy to dig yourself into a hole; but also becuase it implies that teenagers have a very relaxed attitude towards debt and a poor idea of financial management. I suppose part of this is due to the fact that it’s really easy nowadays to borrow money.
It’s good to keep an eye on financial news, even though it’s sometimes depressing. I suppose there’s a good side to it also though. Getting in financial trouble early in life teaches you a lesson that can serve you well later on. I’m not encouraging getting into financial difficulty by any stretch of the imagination. However, without that sort of experience it’s hard to learn the real value of money. Hope you don’t have to go through it though!
Wow, and here I am at 22 worried about how my student loan will impact my ability to save for my retirement.
I really couldn’t imagine having been in debt at 17. I was only 18 when I started using debt to boost the return on my savings. Overall though my networth was firmly in the black. To have been in the red overall at that age would have really concerned me.