Ayda Shabanz, an indepdent property and finance investment expert and commentator, claimed that one of biggest reasons Gen Ys and Millennials do not enter the property market is because of the shame associated with bad debt from credit cards and other payment services.
What I constantly see in this age bracket is a great deal of bad debt that is, debt from multiple credit cards with high interest rates, and schemes like AfterPay where you can buy now and pay later, Ms Shabanz said.
The scary part is the actual amount they are in debt. The credit cards will have limits of $20,000 or more, and ridiculously high interest rates.
Of course, the items are not assets that will rise in value either, and these people are then paying off one cre…
Read the full article at: https://www.smartpropertyinvestment.com.au/finance/19329-debt-cycle-shame-holding-back-young-investors
