Young Canadian Musicians

musicBecoming a musician is a dream that many young people, and even older individuals, hold dear in their hearts. Many strive to get their music heard by a wider audience, get a record label contract, and one day sing in a sold-out venue. Unfortunately, the reality of becoming a successful artist is not one that is easily achieved. In most instances, not even talent is enough for young artistes to make their dreams come true. These bleak prospects typically mean that these young hopefuls are left either with mountains of debt or at the very least are underemployed.

Temporary and Impractical Solutions

There are several reasons why all of these young, eager artists are saddled with large amounts of debt and menial jobs. Some individuals will choose to go to university, majoring in subjects that will make them more skilled musicians. Unfortunately, this is where many of them begin accumulating debt. There are a large number of people who take out student loans to help them pay for their college tuition.

These types of loans are borrowed with the hopes of paying them back when these youths get their first jobs. Alas, here is where those plans tend to come apart. There are limited positions available in the music industry, particularly for novices who have no viable connections. This usually results in these young people playing at any venue for negligible pay. Some even resort to busking to earn a little bit of money. These wages, however, are not nearly enough to pay off their student debts.

Youths do not have to go to college to accrue debts, however. Many have resorted to taking payday loans or bad credit loans to ease some of their financial burdens. They use this money to pay for the basic necessities such as rent or utilities, or to further their music career. These type of loans, however, come with steep interest rates. These rates can even double if individuals are not able to pay off the necessary amount within the allocated time.

When in dire need, these young people will take any job available to them, even ones that they are overqualified for. In addition to being underemployed, this means that these individuals are not being paid as much as they should be. Another cause that is perpetuating this underemployment trend is the major cities. Musicians know that in order to be discovered, they must move to metropolitan areas, which they do in droves. Unfortunately, this results in a lower number of available jobs applicants. Employers take advantage of this by paying even less in wages.

The Proper Solution to the Debt Crisis

These younger musicians need to begin adopting a more useful strategy for overcoming the debt that they have accumulated. One of the most beneficial ways to do this is to consolidate the accrued debt. Debt consolidation absolves many of the anxiety and difficulties associated with paying off loans.

This form of repayment involves paying off several or all of your loans with the help of a single loan obtained from a financial entity. There are several advantages to this type of method to fix your financial problems. First, the interest rate charged by debt consolidation is usually a lot less than other creditors, namely payday and bad credit loans. This could mean that you end up paying a lower amount than you were initially paying.

Second, debtors are freed from a seemingly endless cycle that typically occurs with payday loans. Rather than taking out more loans to pay off the ones that you have already borrowed, you can simply pay back a single loan. Finally, this also offers borrowers the option to maintain a healthy credit rating. All of the creditors will be paid back quickly allowing the borrower to maintain a good credit score. As long as the borrower repays the debt consolidation loan, his or her credit score will remain untouched.

It is an unfortunate plight that young musicians have to go through. Thankfully, it is one with a readily available solution. In order to have a bright future, these young debtors must first get rid of their financial troubles.

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