More and more young people are in severe debt stress and they have got there because of the ease with which they are able to access credit these days, even in the current global financial crisis.
And many of them do not know where to turn or how to get out of debt.
As more and more young people lose their jobs or have their hours reduced, it becomes even harder to find any light at the end of the debt tunnel.
Well, I am going to share 7 tips with you as to how to survive in this scenario.
What is causing this stress? Rising fuel costs, rising mobile phone bills, rising food costs, higher rents and so it goes, on and on.
And of course, interest rates on credit card debt are still very high.
And men are more likely to face debt troubles than women, as they tend to use their credit cards more readily.
It is also evident that a large proportion of young people are prepared to use their credit card to purchase something that they wouldn't otherwise buy.
So the debt trap is out there waiting to snare young people.
So what is to be done about this? Well, for a start, young people need to change the way they think when it comes to money.
Here are 7 things that young people can do immediately to reduce or eliminate their debt.

1. Save for the things you need and spend what is left over.
   Often the savings habit is more valuable than the amount saved.
   We know that if one saves regularly for a period of 21 weeks, then saving will become a habit.
   Get into that habit.
   
2. Set yourself a savings goal, say at the end of 6 months.
   Do whatever it takes to reach that goal and reward yourself if you attain it.
   
3. Arrange with your employer to have a certain amount of your pay automatically directed to a dedicated bank account to pay your bills and to pay off some of your existing debt.
   
4. Before you buy something, ask yourself if you really need that item and if so, can it wait until you have saved up for it.
   In this vein, consider entertaining friends at home now and then, rather than going out on the town.
   This will save you a lot of money over time.
   
5. The question often arises about whether to cut up your credit card or not, especially if you lack discipline.
   But realistically, credit cards are often the only way to purchase things online.
   Online shopping is a growing trend and one other payment option is to consider a payment method such as PayPal, where you can transfer money from your bank account and pay online with your PayPal account.
   
6. Pay off your credit card debt at a level faster than the minimum payment required, and set a goal to have your debt reduced to zero as soon as possible.
   Do not buy anything that is not essential until your existing debt is reduced to less that one week's pay.
   
7. If you need to borrow money to purchase a big item, ask if it is for an investment or if it's an essential item.
   If neither, question whether it is wise to borrow.
   Again, rather save up for the item and pay cash.
   You can often negotiate a small discount if you pay cash for the purchase.
   

I hope you find that by implementing some or all of these ideas, your kids will become a little more money savvy.