Risk involved when youths indulge in debt.

[Heartstrings]

Personally I think youths shouldn't indulge in debt, so as not to slow down what they ought to plan for financially for their future. Youths should try as much as possible to work hard for their daily bread,even if it requires learning a skill. And debt is one thing that when you start indulging on it,you could actually be addicted to it. This is why it's also good to start saving up early so far you have a source of income,no matter how little it is.

If you as a youth who has no family yet start borrowing money or taking loans from an online loaning apps or banks,then how long do you think you can cope with it, infact it will definitely slow down your present and future in financial aspect in a way,you won't be able to achieve something much,why because all your Income mostly goes to settling up your debts.
And the deeper you get into debts the more likely to face health complications that total rest of mind is missing. It can also lead to depression and the impact to focus on your daily activities.

 

[Ithedicious]

It is not only to the youth alone but I believe the same is also applicable to anyone of whatever age or gender that involve in debt for whatever reasons. It is not just about borrowing of money but the most important thing is what we are using the money we have borrowed to do..

That is one of the things we must avoid most especially for youth who are trying to build up their future to the standard expected of them in the society.

We have so many things to face, we have so many career opportunities to explore. That should be our main focus and concentration as a youth and we shouldn't engage in any unprofitable things that could push us into borrowing of money we cannot be able to pay back..

All these things depends on our life plans and preparations , we needs to have a plan that doesn't include borrowing of money.

 

[eldavis]

I totally agree with you on this one, its totally wrong to start borrowing money at a very young age, as long as you do not have a family of your own, work hard and manage the little that comes your way. The reason why most youths go into debts is due to the fact that they want to maintain a high standard of living simply to impress does around them, some even go into a life of crime just so they can have what they want.

 

[CALVINDOL]

Whether you are a youth or an adult it is absolutely not good to be indebted to another for a long period of time. One of the reasons why many people are indebted to another for a longer period of time is because they do not plan before actually finalizing their actions and intention of seeking a loan or borrowing money from another. It has always been mentioned and emphasized that before borrowing money from another it is totally mandatory that you put into proper consideration in what strategies and ways you will be able to pay back the money to its owner at the due date and time, even if the purpose in which you intend to use the borrowed money doesn't turn out as expected or positive.

Being indebted to another can lead to so many dehumanizing health effects such as stress as a result of overworking for a longer period of time in order to repay the debt, somehow it could also lead to suicide thoughts.

 

[Abigael]

Many youths are prone to getting into debts for sure. Yet they are so young and mostly don't have much responsibilities. Most of them are addicted to loans and spending more than they can actually afford.

You can choose to change this trend as an empowered youth. You can choose to work hard for the money you need rather than trying to get it free. It may seem free right now but it will limit you a lot when it is time to pay back.

There is nothing wrong with taking a loan to start a business, as long as you have planned it out well. The problem is taking loans for your daily needs like food, clothes or paying rent. Those are things you need to get a job for.

Then when you have the money that you have earned from a job or business, you need to budget and spend it well. It would be a shame to have a good source of income but you are still in debt.

 

[Shaf]

The time to make money is when you are in your youthful age. Why should one waste that time and instead start taking loans?

This is when your creativity and productivity are at the peak. You have the time and energy which you won't have in a few years. Also, the moment one starts a family, it becomes more difficult to have the same financial freedom that single people have.

In Nigeria, the situation has gone from bad to worse after COVID due to the rising number of loan apps, AKA loan sharks. These companies offer small loans but with high interest. They also need a few documents anyone can easily provide. A lot of people can't meet up with payments though die due to the exorbitant charges.

Some people have gotten addicted to it too, borrowing from one loan app to pay another. This is not a good financial habit to develop at any stage in life.

 

[saoussen5765]

@Shaf the project must be studied several times from bank agency before giving you loan and may during this time you are losing a lot of opportunities to earn this is why people have tend to use loan app instead of bank loans with excessive requirements to accord you credit.