7 Biggest Financial Mistakes That Young Adults Make

1 – Accumulating Credit Card Debt 

Insider Monkey Score – 17

The most recurrent theme in online discussions related to the biggest financial mistakes that young adults make is accumulating credit card debt. 

Many users note that one of the greatest mistakes they made as young adults was to think of their credit card limit as the money they own and have to spend. They also note that with their credit card, they spent more and were less careful about what they purchased. 

Credit cards often come with high interest rates, and accumulating debt increases the likelihood of carrying a balance from month to month. Accumulating credit card debt often results in a cycle of debt repayment that consumes a significant portion of one’s income. 

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