Have you noticed the statistics showing that the American teenagers between
17 and 19 years old, are getting increasingly into bad debt? In fact,
their number has doubled, comparing 1992 and 2006. Yes, the "must
have" gadgets, like Ipods, latest cell phones, games consoles, etc. play
huge role here. But, you may ask where are their parent? Do they try to
implant... and maintain, some degree of financial astuteness. in their children?
Judging by the numbers, not. If this situation continues unchecked, in 10 or so
years, American society will be crippled by ever growing debt, with uneducated
members not knowing how to help themselves, and get into a financially sound
position.
Obtaining any credit or low interest loans will be impossible for them.
Consequently, the consumer spending will be restricted, and the national economy
will suffer. What's the solution? Start educating teenagers about the dangers of
spending more than they earn, now. Explain to them the long-term implications of
having poor or bad credit, and how credit bureaus keep their files for 7
years and longer. And when they move into their adult years, they will still be
burdened by the bad money practices of their youth.
