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Here are some thoughts from young people about borrowing money. What do you think?
How do you feel about borrowing money?
I don't like borrowing money from anyone really.
I don't really like borrowing money 'cause say like if you don't bring it back to the person by that time, then they will like want more sometimes.
I wouldn't normally borrow money that often, but only sometimes when I know that I've got the money to pay like my friends back for anything.
It depends what you're borrowing it for, if you borrow a lot of money for something that would later be of no use to you, then it's not a smart thing to do.
With the bank you have to pay back more and like some people they never get round to it or they like use their money they have already to buy something else and then just get in more and more debt.
I will eventually have to have a student loan, therefore I will research into the best student loan and I will try and get out of university with the least debt possible.
What would you consider borrowing for?
If something was really expensive and I really wanted it and I couldn't afford it, then that's the only reason I probably would.
The only things I would consider to borrow money is like when I really want something important then that's when I'll borrow.
I'll consider borrowing money for cars
Education is a good reason to borrow money and like owning your own house probably.
I'm borrowing money off my parents now for driving lessons, but when I get a job I'm going to pay them back, [laughs].
Would you rather borrow from a bank or from friends and family?
I'm not very confident about borrowing money, but if I had to, I'd probably do it through a bank.
Definitely a bank, I've known of many families that get split up and arguments they take between them just because of money.
I think I feel a bit guilty borrowing big deals of money from family, so I think the bigger the amount of money I need, I think I'd go to a bank, but maybe small amounts I think I'd be more comfortable going to a friend or family.
I think I'd probably borrow off my mum 'cause then I know that she would like hold it, where if I can't pay then I could pay another time.
I'd rather borrow money from family because they probably won't charge you like interest like the bank would.
Do you think using a credit card is the same as borrowing money?
Banks who offer a credit card is another way of borrowing money, it's like a short-term loan basically.
I would really try really hard not to get a credit card and if I did have a credit card I doubt I'd use it very much because a lot of people don't realise they think it's just a way of getting free stuff, but actually you have to end up paying even back more money for that and if things happen, like unprecedented things like you lose a job or anything or some new amount of money that you have to spend on it, that's leaving you in even more debt, so yeah, I would definitely avoid using a credit card.