A life of debt for gradults?

I read an article in the Independent over the weekend, which talked about ‘a life of debt’ for the lost generation, the jilted generation, our generation. This was something I’d never really considered, but with many gradults having left university with debts of around £27,000, will they ever see the black side of a bank account?

For future students, these post-degree debts could be closer to £40,000 before you’ve even entered a job market, in which you’ll have to compete with around 50 other graduates for a position you probably don’t even want.

Unfortunately, whether we like it or not, many gradults are destined to live a life of debt. We will experience what life is like inside the bubble of fake money which caused many of the problems the world is currently experiencing.

It is in fact, worryingly easy to see how this could happen. Leave university, get a job (if you’re lucky), rent a flat, get fed up of pouring money down the drain on rent, decide to buy a house, get a mortgage, realise you need a car for your job, can’t afford to buy one up front, take out finance for the car…and so on and so forth.

My guess is that, by this stage, members of the lost generation will have anything between £250k-£400k worth of debts, and the interest on that must be pretty huge.

Another thing I noticed in this article; the word ‘generation’ is used far too frequently nowadays. It seems to be that every 3 years the newspapers decide we have a new generation. But what will the next “generation” be called? We can already claim to be the ‘jilted’, and the ‘lost’, so maybe they can have the ‘invisible’? The ‘sabotaged’? The ‘indebted’? You get my point.

Unfortunately, this post is just pointing toward what for some, will be inevitable. I don’t have any solutions to offer (apart from those seen in our Thrift Thursday posts of course! Shameless plug). However, if you have a half decent voice (or not), a vague sob story (crucial), get that tail between your legs and get down to the auditions, it may be the only chance you have.