As a consumer we am automatically at risk for some sort of financial struggle. As people age and slowly become more financially independent, more expenses tend to come into play. Credit card offers, Schools loans, Personal loans, Legal assistance, Car Payments, Bankrupts, and more. These will most likely occur at least once in your life time. These things can be a product of disaster, enabling to accomplish many things and often make life much more difficult than it should be. Unfortunately young adult consumers are a main target for financial traps because they are often much less financially knowledgeable and easier to receive money from (this is why young people receive so many credit card offers). young consumers are the best consumers because of their willingness to spend money and participate in things that could possibly get them more money. This is what gets them in trouble. Not knowing how to budget, missing payments and not reading the fine print can put young people in a sticky place. This is when dept comes in. Not knowing how to manage your finances can leave someone with limited options of how they can live. By being more knowledgeable on things like how to manage student loans, apply for a credit cards and avoiding late fees, it could save someone a life of struggle. The goal should always be to buy smart.
Student loans are one of the first things people experience when growing into an independent adult. Student loans are sometimes the only way most people can fully afford a higher education. The first time a student loan is taken out, we don’t have to think about how we are going to repay it because that moment isn’t for another 4+ years. But the truth is, we should always consider what we can do in the mean time. There are options. first, you can get acquainted with which loan or loans you have. You should learn what type it is, its terms and conditions, their interests rates, as well as what their grace periods look like. It is possible that if you begin to pay your interest rates sooner, the amount you’ll have to pay in the future can be a lot less. The grace period for most loans can start between 6 to 9 months, meaning you’ll have time to figure out what your financial situation is depending on the loan. what ever your financial situation may be, you may have options on what kind of payments you are able to make each month. when your financial situation changes, you may also have the ability to adjust how you make your payments. The goal is to stay in contact about your situation and try to NEVER miss payments. It is also helpful to keep in mind that if you obtain a job in certain fields such as, government positions, Non profit, public service, teaching positions, Americorps, peaceCorps, and more, you may be eligible for loan forgiveness programs. These could be extremely helpful in the long run. Knowing more about what your future may look like can prepare you for much more.
We also must watch out for ourselves when entering the work force. Depending on our field and position, we may be a risk for being taken advantage of by the companies and businesses we work for. We must stay aware of the rights we possess, what we are eligible for and how the places we work for “run”. This could avoid misclassification, mistreatment, lack of qualification/benefits and other unethical practices that could negativity affect workers. It is our right to uphold our employers to the laws and regulations that protect us as workers. We must be aware that our health and well-being is much more important than any amount of money or tax break. By being unaware mistreatment, could possibly enable workers from greatly benefiting from things they may qualify for. Doing the research could make a huge difference.
It is great to be a smart consumer. it could save you from a world of hurt and struggle in the future. If we take initiative and begin to use our resources for information and answers, we can avoid financial traps. to be aware means that you are using your knowledge to make smart choices. Choices that could benefits your future in very positive way.
P. (2013, August 23). A Crackdown on Cheating Companies. Retrieved October 30, 2017, from https://parade.com/49312/parade/100411-a-crackdown-on-cheating-companies/
Project on Student Debt. (n.d.). Retrieved October 30, 2017, from https://ticas.org/content/posd/top-10-student-loan-tips-recent-graduates