Credit cards, automobile loans or student loans can cause 18-year-old individuals to go into debt. Your 18-year-old can get out of debt by getting financial assistance or finding methods to gradually get out of debt.
Budgeting
One of the best ways for a person of any age, including an 18-year-old, to get out of debt is to pay her bills on time or ahead of time. Paying off bills can help teens to start building good credit. They often need to learn how to create and stick to a budget. A budget teaches people to learn how to spend money and pay it back in an efficient manner.
Loans
Parents or other relatives can help an 18-year-old person get out of debt by loaning them money to pay their bills. They may want to draw up an official or unofficial contract, outlining how much the 18-year-old will borrow, how much they will pay back and when they will start paying back the money. A loan can allow parents to help their children while also teaching the teenagers to become more responsible.
Jobs
Another important way that an 18-year-old can get out of debt is to get a job. Relatives and friends can often help an 18-year-old to find a job, sometimes by asking friends, family members, acquaintances or coworkers if any jobs are available. Having jobs can help older teenagers to learn responsibility and pay off their debts. In addition to getting jobs, 18-year-old individuals can also sell old clothing or items, at a garage sale or on a website, to make money.
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