The USA is one of Earth’s 5 most capitalist nations, a country which is used to looking for a quick-fix to a consumerist ‘itch’ and as such accrues debt faster than many other regions of the world.
A ‘drive-thru’, right now, super-sized culture that understands little of frugality and saving.
The US is also one of the countries with the biggest student loan debt – currently 1.3 billion US dollars – and largest number of so-called “debt slaves”, an increasingly common term in financial vernacular.
This self-perpetuating borrowing mentality has been handed down for generations, with the millennial having easy access to credit and no intention of waiting around for a time when they can better afford to make an important purchase.
If you can’t put off your education until there’s enough money in the bank, what choice do you have?
Borrowing in itself is no bad thing, but paying loans back is where many come unstuck.
High interest, small monthly repayments and a non-committal attitude won’t get you far.
Download for free The Ultimate Guide To Achieving The Millennial Debt-Free Life.