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. When we think of citizens that life a debt-free life, the US doesn’t spring to mind.
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 the 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. Thus millennial debt is at an all-time high.
If you can’t put off your education until there’s enough money in the bank, what choice do you have?
Although in an ideal world, having a debt-free life would be glorious. However, 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.