I think most people living in economically developed countries are sitting on more debt than they let on. A cursory search reveals some sobering numbers. (The average American household owes seven thousand dollars in credit card debt? JFC.)
So the perception of adults handling debt is different than the reality of adults having debt which is different from the way adults should handle debt. I’m going to speak to the last item, because financial security is a subject very dear to my heart.
Adults should handle debt by avoiding it at all costs. If you can’t afford something with the money you have in the bank right now, you can’t afford it. I can only see a few possible exceptions: taking on student loans to pay for an education in a field that will guarantee you higher earnings than what you’d be making otherwise, loans with low interest rates (less than 3.5 percent), and loans that would mean the difference between life and death (medical bills).
But OTW, I’m already in debt. Am I doomed?
No. But there’s also no magic cure for debt. (Filing bankruptcy doesn’t count.) You’re going to have to work to eliminate that debt, and work hard.
For people who are new to budgeting, I think the debt snowball method is the best way to start chipping away at those loan balances. However, it’s mathematically more efficient to pay off the loans with the highest interest rates first, but that requires more discipline.
Again, the best way to handle debt is to not get into it in the first place. If you don’t have debt, it’s far easier to cope when life throws you an inevitable curveball like unexpected medical expenses, or a layoff, or an accident, and I don’t know about you guys, but I don’t have the luxury of rich parents who can bail me out when the going gets tough.
My point isn’t to scare anyone, but I’m also not going to mince words here: a big part of being an adult is learning how to handle your fucking money.
And besides, I find financial stability dead sexy on a woman.
god bless people who talk to you first they deserve the world
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teacher: alright, since no one is raising their hands i’m gonna pick people
A UFO caught on tape!!!!!!!!!!!!!!
Brittana in songs