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Dealing with debt is normal today |
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Look back to your parent's or grandparent's generation and the issue of debt was probably not spoken of very often, in fact people may have viewed the prospect of any sizable personal debt as a something to be ashamed of. How things have changed in today's modern age, with the expectation and handling of debt almost an inevitability for most people, especially as children entering higher education are expected to take on their first substantial debts even before they have started their working lives. There's no doubt we live in a society where debt is now totally acceptable - from overdrafts, to car loans, to credit card balances - the evidence of personal debt is everywhere. Social commentators see no problem in debt itself, but the rising level of that debt and the ease with which some people seem to be able to accumulate it are now a concern. Reports indicating higher and higher levels of debt seldom drill down to the real reasons and if they did the reports may not be as bad as they seem. With student loans now taken out by most people in higher education and the recent dramatic rise in house prices and mortgages, there's no wonder debt is increasing. Also figures from the credit card companies indicate that the level of debt on outstanding credit cards balances is actually reducing now. So things may not be as bad as some scaremongers make out, but there's no doubt that debt is here to stay and people should be taught not only to expect it but how to manage their debts correctly. Perhaps money management or financial planning should be part of the school curriculum to help prepare people for modern living. |
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