We all need to learn a lesson from tales of student debt
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To many young people, debt seems like a far away concept that may come later on in life - yet the concept of owing money may be a reality closer than we think. The Money Advice Trust (MAT) has released results of a survey regarding young people’s debt and worries that concern it. The average debt held by people falling into the age bracket of 18-24 has reached a whopping £2,595, according to the survey. This debt excludes student loans and mortgages, which makes the results even more astonishing than they initially seem. 32% of 18-24 year olds say that their debt is considered a ‘heavy burden’, which is understandable. It doesn’t take any sort of financial expert to understand that money is the centre of almost everything. Without it, you’re not going to get too far, as unfortunate as it may be. Yet, this may not be down to stupidity, or even the carelessness of the young (something we seem to be constantly reminded of). In fact, it could be a necessity. But isn’t it high time young people devised a plan?
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