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  • Aleksandra Medina

Frich Insights: Is Everyone in Debt?

Let's talk about the elephant in the room - debt. When (if) you check the news, you're drowned in doomsday articles proclaiming that there's no way out of debt for our generation. We don't know how to manage our impulse purchases, we're accumulating huge amounts of credit card debt and oh yea... the tens (or even hundreds) of thousands that we owe for our Bachelor's Degrees.

BUT we haven't given up! There's one very simple thing we can all do to make sure that none of us start slowly slipping into a vicious debt cycle. De-stigmatize talking about money and debt! Make sure to understand how to balance the lifestyle you want for yourself without the anxiety of being in debt. And be a supportive friend - check in with your friends to make sure they're not silently grappling with it by themselves.

So let's get a pulse-check on how Frichies are doing ⬇️

Let's start on a lighter note. Imagine you're in a pinch and really need to borrow money from a friend. Would you do it? 57% of you would borrow from a friend (and 24% have already done it before). But we have really good news. There's no need to be embarrassed to ask your friends for help. 95% responded that they would lend money to a friend if they asked. See? Nothing embarrassing about asking for help. Your friends are here to help🫂 Of course, treat their help with the utmost respect and make sure to not abuse your friends' generosity - communicate clearly what you need the money for, how much you need and when your friend can expect you to pay them back.

The truth is - each of us come from a different socioeconomic background, which directly impacts the university we choose to attend, the degree we pursue and the amount of student loans we end up with. Here's the breakdown of how Frichies are paying for their degrees: 41% have student loans, 24% got a scholarship to pursue their degree, 24% have their parents pay for their school and 12% pay for school themselves without the help of loans, scholarships or parents. Now you know.

Credit cards can be a powerful financial tool and give you access to many perks but with great power comes great responsibility. It can be incredibly difficult to break out of the cycle of credit card debt but know that it's not impossible :) You're also not alone.

Given that our average user is a college student or a recent graduate, it's telling that 32% of us already have credit card debt. We see you & we hear you. More tools to help you with this are coming soon!!! 🧡 We have an easy-to-follow & actionable series that will help you navigate the world of building your credit score, getting your first credit card and learning how to maximize your credit card in a way that serves you.


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