Debt Relief Lowdown: Save your children… empower them with fiscal education

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Save your children… empower them with fiscal education

Be warned, if you are a parent to a teenager you don’t want to hear this. According to a recent study conducted by Jumpstart Coalition for Personal Financial Literacy, by the time children are seniors in high school, nearly one in three use credit card. This figure rises to over 80 percent by the time these youngsters are in college. And by the time they are in their mid-20s, they are probably ready to file for bankruptcy, since they can no longer carry the heavy debt burden arising from the use of their credit cards.

And what could be worse for a youngster who has just completed college – even before he gets out of college, he is saddled with all kinds of debts including student loans and credit card debts. What’s worse, the new bankruptcy act makes declaring bankruptcy and discharging debt more difficult, especially for credit-card holders. So, how can you as a parent do something to prevent your child from being ensnared into a debt trap? The best thing you could do is teach your children about fiscal responsibility – the sooner you begin, the better. Tahlequahdailypress.com reports:

Coinstar Inc., a corporation offering coin counting, prepaid products such as credit cards, and gift cards and payroll services, noted the fastest-growing demographic declaring personal bankruptcy is people ages 20-24.