An alarming number of young Aussies are being tainted with the black mark of debt and potentially creating problems for themselves in the future. Many students and renters in share houses get caught up in unpaid bills and shared debts that don’t get paid on time. These debts may seem minor at the time, but they can have long-term effects.
A black mark can potentially last for 5-7 years and will affect the potential for you to borrow throughout this time. Young people are seemingly too laid back about the debts that they incur and are effectively setting themselves up for long-term hardship, reported The Daily Telegraph.
When it comes to renting a property or seeking a mortgage, the black mark left by this debt from the past can be the difference between success and rejection.
Taking stock of your finances from early on and beginning to save as soon as you can will enable you to prepare for a healthy future, but failing to do so can leave you in significant trouble.
Source: http://www.dailytelegraph.com.au/money/money-matters/bad-credit-history-can-cut-deep/story-fni0ctl0-1226708760830
