Everyone has a different approach to debt and this opinion may change during different periods of their life. For some people, debt is a natural part of life and unavoidable in many cases. For others, debt is nothing but trouble and should be avoided at all costs. There is no right or wrong answer and debt can be of use in some cases, but you must also know the risks attached which is why being somewhere in the middle is perfectly healthy.

Generational Approaches

Many adults are not overly debt adverse because they can see the benefits that it can bring. For example, many adults have used debt to establish the life that they want which could include going to college, buying a home or simply using credit cards to make managing personal finance much easier. However, many millennials are now completely debt averse and this age group is much less likely to own a credit card than any other group.

The Debt Averse Younger Generation

Millennials and the younger generation are, generally, debt-averse having seen the Great Recession. On top of this, many now have student debt and are struggling to pay this off due to the struggling job market which only makes matters worse. It is understandable that a young person might think that steering clear of debt is the best course of action, but this is not necessarily true and they may actually be making their life harder by avoiding credit cards and other forms of debt.

Using Debt Responsibly

Regular usage of a credit card is the quickest and easiest way to improve a credit score and this is essential in today’s day and age. People need to have a good credit score to qualify for jobs, loans, mortgages, insurance policies and to rent properties. There are other ways that you can improve your credit score, but using a credit card little and often shows to lenders that you are a responsible borrower which will mean that you get approved and access to the best deals and rates.

Irresponsible Usage

It is clear that debt can be a useful tool for building credit and can be helpful for making a life for yourself, but it is a fine line to walk. You must only go into debt when it is necessary, not for buying silly unnecessary stuff like devices to chill cigars.. Debt can follow you around like a dark cloud so it is important that you do not find yourself in debt that you are unable to pay back.

Essentially, everyone will have a different view on debt and this could change with age. It can be useful when used wisely such as giving yourself an education or a home or if used responsibly, but you must also be very careful as when used irresponsibly it can follow you around and create very difficult living situations that can be hard to rectify.


Founder of Paisley.org.uk in 1998 and constantly strives to change peoples attitudes to the town, Brian is a self described Paisley Digital Champion who promotes Paisley via any means necessary. You can also follow me on X