20% of all Bankruptcies are people Under 30 years old. Most of these bankruptcies could have been avoided.

Most young adults grow up blissfully unaware of the harmful affects of bad debt, mismanaging a budget, and how debt can affect relationships, self esteem / self worth and life balance.Its important recognise the warning signs of bad debt, in order to prevent the situation. To use a metaphor, a "roadmap" is needed so we can recognise when a wrong turn has been made before we get completely off course.

These days we can get information about almost anything, almost immediately thanks to the internet. It's also just as easy to consume today and pay later.

Retailers, banks and credit providers are under incredible pressure to gain market share in increasingly competitive environments. They entice us with 12 month interest free finance, differed payments, zero balance transfers, capped rates etc.

It's pretty safe to assume most people have at least one credit card and a mobile phone. According to banks, merchants and credit providers using a credit card is a great way to pay for needs and wants immediately. Before you go down this road, it's important to be aware of the benefits and consequences.

Credit providers and banks are all in business to make money. When you hear offers like "no interest for 6 months" and "pay nothing for 12 months" it's important to realise such offers specifically target people with limited disposable incomes.

"Buy now, pay later deals" may seem very attractive on the face of it - but be warned and take time to read the fine print. It's likely that when you do start paying, you'll be paying more than 25% interest.

When it comes to retailers / merchants and banks, we are more likely to buy if the transaction is made easier. These days it's commonplace to go to a store, get a credit card or a line of credit and walk out with a purchase on the same day. In some cases, your credit worthiness is not even assessed.

Similarly, to get a loan or a credit card all you have to do is go on-line and complete a short application form and within minutes you could be approved. There's no such thing as a "personal relationship" with bank staff and applying for credit can be more or less anonymous.

The biggest challenge for this generation is learning how to resist the sheer volume of temptation from so many credit providers, banks and merchants all vying for your dollar.

In order to resist over-spending and offers of credit, Debt Fix has compiled the following points to consider as helpful advice:

1. Ask yourself "do I really need it". If you work, convert the purchase into a function of hours you would have to work in order to pay for that purchase outright.

2. Give yourself a mandatory "cool off" period of 48 hours before you purchase and expensive or fashionable item.

3. Cash is king, if you don't have the cash don't use credit or use a debit cards instead

4. Have a credit card, but have a $1000 limit and pay off purchases before the interest kicks in. Don't have more than one credit card. This way, the damage is limited.

5. Shop around - unless it's on sale, you could get a better deal.

6. Always be suspiciously alert when a deal seems too easy.