A concerning trend has emerged among today's youth, with reports suggesting that many are opting for personal loans from banks not for emergency situations, but for leisure purposes.
Photo via iStock
In a viral post on X, @callmefye shared his shock after being informed by a former colleague about this unsettling reality, "Please tell me this is not true. Apparently, there’s an ongoing trend among the youth where they’ll take up personal loans just to travel and keep their IG stories updated as if they were rich," he wrote.
His revelation sparked a wave of concern, prompting him to remind everyone about the importance of considering the future and the deceptive nature of social media portrayals.
"You’re not our brothers but I genuinely want you to think about the future. Not everything shown on social media is true," he cautioned.
Responses flooded in, with many social media users corroborating the prevalence of this unhealthy trend and revealing diverse motivations behind applying for personal loans.
"I was shocked. Some of them are on loans just to get designer handbags. I used to wonder how they could afford a bag that was triple the amount they earned," one user shared.
Another echoed the sentiment, stating, "It’s true. My senior friend admitted it. On loans to travel and have fun and during MCO, the interest rates were high."
While personal loans can be a valuable financial tool in times of need, it's essential to use them responsibly. Applying for loans for non-essential purposes, such as luxury items or leisure activities, can lead to financial strain and long-term debt.
It's crucial to prioritise financial stability and avoid unnecessary borrowing, especially when the need isn't urgent. Let's all be mindful of our financial decisions and steer clear of the pitfalls of unnecessary debt.
