College students are struggling today, with the rising cost of tuition fees, and other college expenses. Because you are younger, you will have to pay more for certain insurance premiums. And when you go to college, you have less time to work and earn money. With so many other school-related issues, the last thing a college student wants is a 10-year-old to teach him ways about financial management.
Many children receive weekly pocket money to pay for things like food, clothing, school supplies, and other necessities. Some kids have the opportunity to earn a few dollars by assisting in various jobs. Best of all, they have the independence to spend their money however they want. Unlike college students, everything they earn goes straight to their expenses.
Kid-Seized Debt Burdens
Even if a kid only earns a few bucks, they have a superior financial advantage over everyone else. For every kid, the money is theirs to spend – every dime of it. And because they have no financial obligations, they have zero debt.
What Does Every College Student Work?
In contrast, students have to work to meet a variety of obligations. If you own a car, you will probably work to pay for it, and if you own or rent a house, you will have to deal with monthly payments. If you’re one of the millions of other students who have taken out large student loans, then you will have to worry about those too.
Debts Piling Up
Like most Americans, college students rely heavily on credit cards to pay for big and small purchases. At least 50 percent of college students say they have a credit card account with a monthly payment of $1,000 or more. Although the occasional use of a credit card is acceptable, most people rely heavily on it, resulting in overwhelming debts and interests.
Did you know that the average college student in the US is faced with more than $24,000 student loan debt? Moreover, the price of higher education has risen by more than 1,000 percent over the past three decades. Given the financial difficulties students face today, it’s no surprise that ten-year-olds have more money than college students.
Need help in managing your finances? We can help you figure out your options. Speak to our reputable credit counselors to get some insights about handling your finances. Get on the road to becoming debt-free 3 – 5 times faster. Call today at 800-282-8497 for a nonprofit financial consultation. You may also visit CreditGUARD of America’s page at https://www.creditguard.org/.