Notebook: Young Debt
If young people aren't counting their spare change, maybe they should be.
A survey of three million 20-somethings found that two out of three are carrying debt -- a lot of debt. Tens of thousands of dollars in college and personal loans. The average debt for people in their 20's is over $16,000. And it's growing.
That can affect a lot more than just your check book. High debt is causing high anxiety, with a lot of 20-somethings complaining of added stress, health troubles, even nightmares.
What's causing all this? Higher tuition, flatter wages and soaring student loans.
In a few years, when these young people start to become homeowners, and parents, and add even more debt, it could turn a financial headache into financial ruin.
In our credit-saturated society, young people have to learn that some things have to be paid in full, right then and there. It just doesn't pay to pay everything over time.
That's a page from my notebook.