During this very harsh economical time in our country, working adults and parents are not the only ones feeling the strain. A growing number of students are finding themselves strapped with the financial burdens of credit card debt before they even leave for college. A recent Congressional hearing highlighted the marketing practices used by credit card companies to unfairly target students, pulling them into the abyss of high interest debt before they have acquired a substantial means of income.
In addition to the weight of credit card debt, upon arriving at an institution of higher learning, several students acquire the added responsibility of student loans. This creates an enormous strain which is exacerbated when those students do not complete their course of study.
Given this growing problematic trend, it is crucial that Youth Workforce Programs educate youth about this situation and warn them of the pitfalls of credit card debt. By preparing them early and teaching them to deal with this issue in a responsible manner, we can bring this trend to a swift end.
March 2, 2009 at 6:39 pm
I concur with the author’s concern that young people are finding themselves mired in credit card debt early in their young careers. I would add, however, that smart consumerism and related topics should be mandatory components of elementary and secondary school curricula. Spending and savings knowledge and habits, as typical of other learned behaviors, develop during children’s formative years. If young people are presented with sound financial education during this crucial time in their development, then it is possible that they will be less likely to fall prey to the marketing schemes of credit card companies.