A key aspect for a young person who has just earned their first substantial pay cheque is the opportunity to start building a clean sheet financially. A good credit reputation is one of the most important building blocks. Whether you need to buy a car or a home, lenders will want to know that you can pay your bills on time and that they will get their return.
“So while most of the debt or credit is generally accumulated in your 30s to 40s, the run up to that – in terms of you being able to build your reputation and to earn the licence to be able to borrow that money – depends on the small decisions you make every month with regards to paying or not paying the small amounts you borrow in your 20s,” he says.
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