Tuesday, October 30, 2007

Best to be out of debt

With today's volatile money market, we have to be really careful when it comes to managing our finances. One of the thing we should not get ourselves into is mounting on debt. Many young people are not aware of this situation as many has not experience the hardship of repaying loans or debts.

The escalating problem where youngsters are being trapped by mounting credit card debts has caused many to declare bankruptcy as their low salaries are just not enough to make the repayments. In fact many of these youngsters are covering one hole with another cover by owning a few credit cards. This is extremely damaging as it can cause a lot of negative outcomes.

When the debts problem increases, this will also effects the banking industry. Therefore, more banks and financial institutions are coming out with debt advice services to counter this problems.

0 Hopper's Notes: