Debt and Credit Management Among Colombian University Students
Abstract
In Colombia, indebtedness among young university students has increased considerably, due to easy access to credit and the lack of adequate training in financial education. This study employs a myth approach, aims to analyze how students make their debt decisions and how these affect their emotional well-being and academic performance. Through interviews with 56 students, it was found that they have limited knowledge about how interest rates work, that most of them resort to personal and institutional loans without receiving adequate guidance, and that concern about how to repay debts in the future is a common theme among them. The results highlight the need to implement comprehensive educational and psychosocial strategies that not only improve financial skills but also help students to have a critical and conscious relationship with credit.
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