Many Americans get deep in debt when they are young due to several factors and when they reach adulthood they spend most of their time working to pay their debts off instead of making money for their own and investing it to have a brighter future. If only young people would avoid several conducts that tend to drive people into debt and bad credit, they could easily end up college with little or no consumer debt and just the minimum student debt even if they do not come from a wealthy family.
Avoid Credit Cards
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Though many believe that building a credit history is a must, if you are not going to purchase a home in the near future, you do not really need a credit history yet. A good credit history is necessary to obtain a mortgage loan or a business loan, but to get a car loan or a personal loan the most important variables are your income and a steady job. Therefore, unless strictly necessary for family or organizational purposes avoid credit cards and if you must have one, make sure it remains just one.
Credit cards are financial tools but they are complex and you need to be very familiar with the proper use of money in order to benefit from one. Thus, if you have not acquired money management skills yet, you should refrain from filling those numerous credit card application forms that will be presented to you on the course of a single year.
Long Term Commitments and Marriage
Love is love and it does not always last but you will have to live with your credit and finances all your life. Thus, even if it bothers or sounds insulting, you should discuss pre-marital agreements and give a good thought to any decision regarding marriage. A litigious divorce can be devastating to your credit report and if there are kids the situation gets even more complex due to alimony and shared assets maintenance.
The same applies to purchasing a property, if you are young, if you are not sure whether you are going to stay on the state where you currently reside or you even consider the possibility to travel abroad to work in the near future, it makes no sense to worry about purchasing a property. Moreover, taking a home mortgage loan when you are young may not be so advisable unless you can obtain outstanding loan terms. Most young people fail to obtain reasonable terms on mortgage loans and commit to onerous conditions which more than often fail to cope with.
Think Ahead and Prepare For What May Come
It is also important that you prepare yourself for unexpected expenses. Build up savings on an account for emergency situations. Put money aside and invest it so you can enjoy it in the future and thus reduce your needs for finance. Planning for your retirement may sound ridiculous at this stage but it is not, neither is getting proper insurance for common risks like unemployment or disability. Being one step ahead is what makes the difference and separates a successful person from one that lives by the day.
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