Debt is not unavoidable
I have studied this issue and the one conclusion I have reached is that a teenager must do whatever possible to stay out of debt. Having debt out of college is a killer for many graduates in today’s society. The problem seems to be that most Americans believe that debt is unavoidable when leaving college, and this is simply not true.
The top priority I have for myself is to stay away from credit cards at all costs. It is the quickest way to accumulate debt, and can financially hurt someone for years after college. There are other ways to pay for things. Having an emergency fund for when unexpected expenditures occur will help keep you away from the temptation of a credit card, and just swiping and paying later, when the interest will kill you. Having a part time job will provide income, maybe not a lot, but enough for a smart college student who is debt free to keep himself secure in the time just after college. In the end it also falls upon the student to not buy what he or she does not have the money for, and I believe staying away from a credit card will help in this area.
My philosophy for being financially secure is to stay away from credit cards, keep myself out of debt, have a fund for unplanned expenditures, and always have some sort of income no matter how small. Without any debt you can choose to save, invest, and keep yourself afloat financially by living smart.
Chandler Luther, 2013 Graduate of Davidson Academy