Every
Generation is Different
It is a fact of life that every generation that comes along
looks at debt and finances differently than the one before.
Sometimes this is simply because they want to do the opposite of
what their parents did, but quite often it has more to do with
their outlook on life than anything else. Generations prior
Generation Y have found that saving is more important than
spending. Although they might want the big house and expensive
car, they are not going to do it because they cannot afford it.
But they are willing to save for the things that they want, or
simply do without.
Generation Y is more accustomed to getting what they want, when
they want it. They see a house, or car, or whatever and they get
into debt over it rather than waiting until they are in a better
position to pay it off. This generation has found that they have
amassed more debt than most of their predecessors, and most of
them cannot handle it. They are racing with each other to try
and be “The Joneses” but most of them instead are finding that
they are losing those beautiful homes and expensive cars because
they have financially overextended themselves.
This generation is turning to debt consolidation in droves in an
attempt to keep their lifestyle, and not end up in bankruptcy
court. For many of these people a debt consolidation will assist
them with their money woes, but there are some that will not be
helped by it. A debt consolidation will simply be a band aid on
their spending, as they will not have learned their lesson. They
can get a debt consolidation, but they also have to meet with a
money manager to get a real understanding of their debt and how
much money they have to spend on a monthly basis.
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