It is fairly common to know someone who is in debt, especially a person with student loans. Even myself I have student loans to pay and I do not even have a degree yet because I struggle passing classes. Transferring from a private to a community college has saved me thousands but I still need to pay off the $13,000 in personal student loans I have before becoming financially free.
Young adults lack financial literacy which makes them prone to become in debt very easily with student loans for college, credit card debt and car loans. Due to many people having so much debt and mostly from student loans it makes purchasing the first home a struggle.
While affordability is mixed depending on location with mortgage rates near half-century lows and muted inflation, it doesn’t help prospective buyers who’ve previously defaulted, which is more common for those with school loans. Student debt delinquencies, or those more than 90 days past due, rose to a record last year and far exceed other borrowings including credit cards and autos.
We must educate ourselves more about personal finance which you can on youtube, social media, personal finance websites, etc. There is no excuse in learning how to educate yourself. Learn how to avoid debt and if you are in debt, make the sacrifices of traveling and eating out less to tackle your debt and be free. Learn a new skill on the side that can make you extra income or can potentially make a living a living off of it. Avoid worthless majors and choose those that are growing and in demand to get the best ROI in a degree.