Don't wait until you have an issue to learn about debt!
Educating yourself about debt should never be left until you find yourself with an issue. It isn’t always about learning to get yourself out of a situation, it’s about learning to never be in the situation in the first place.
From the moment you have your own bank account you are open to a world of credit and debt. The more you know before you enter this world, the less likely it will be that you find yourself in financial difficulty.
Can you avoid using credit?
If you’re a young adult and entering this world thinking you will just never have a credit card or never use credit full stop, you’ll just pay cash for everything up front. You will find it's no so easy to achieve this, you may already be using a credit facility without even knowing it. For example, if you have phone contract, you’re using a credit facility, you’re paying it off monthly. If you have an overdraft, you have a loan that you can access when needed. If you want to buy a home and you do not have the cash to pay for it in full, you’ll need a mortgage. In order to get a mortgage, you’re going need some history of using credit.
Never stop learning
I’m sure you’re starting to understand our point. We seriously encourage you to visit and keep visiting our Financial Education section to make sure you stay away from serious financial issues and see how you can solve any issues surrounding debt that you might face.
Click here to be directed to our Financial Education section.