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Here are some views from young people about what they think of debt. What do you think?
How would you define being in debt?
Being in debt to me would mean having spent more money than you can afford to pay back.
Being in debt means that you've overspent and that you've gone beyond a limit and that you need to sort yourself out really.
Owing money to somebody such as a bank and not being able to buy anything 'cause you know you've got to save up to pay them back.
I wouldn't like to be in debt to be quite honest, because I would just always have a feeling in the back of my mind that I will constantly owe someone money and I wouldn't feel safe.
Do you think it matters if people like you are in debt?
I don't really think that young people could get in debt because unless they're getting in debt with their parents, but I don't think a lot of young people do get in debt really.
We're not like old enough to have a job so there's no way for us to pay it back really.
If you're in debt at a young age, you can only wonder what you're going to be like when you're older, so that would be a bit of a worry if you're in debt at this age.
For me, I don't think it's a good idea because for later things in life, if you need to borrow more money, it's not smart having debt now.
It can definitely hamper opportunities in work or in university or just going travelling for example, I think it could really hamper your desires just because you owe some money to somebody.
How could we learn not to get into so much debt?
As a nation we learn better not to get into debt by having help from banks, more awareness of debts and like smart banking.
For people not to get into debt, they need to just think about what they're doing rather than think, oh I've got so much money, let me just spend it when they really don't, so just think about what they're doing before they actually do it.
I think we could manage our money better by not using credit cards and only using money that you have.
You don't spend as much money but you only spend it if you know that you've got the amount of money and you know it's safe.
Don't spend money on things that are unnecessary, instead of buying a forty thousand pound car, buy the twenty thousand pound car.
Little simple steps that take not a long time at all can really go a long distance to making sure that you're comfortable financially.
Is debt ever a good thing?
I don't think debt is ever a good thing.
I'd never think debt's a good thing because you don't know what's going to happen next really.
I don't think debt can ever be a good thing unless you've got a good reason for it.
It would just be a horrible feeling in the back of your mind that you can't exactly pay them off right at the moment.
I don't think debt is a very good thing, not unless the debt is being paid to you.