Consumer Credit In The Classroom

There has been some debate as to fiscal education in the classroom in the recent years. Most people are in agreement that there is not enough education in today’s classroom setting regarding consumer credit and how to responsibly manage credit. With credit card companies still enticing the younger crowd with easy qualifying and instant approval, many consumer groups fear that young Americans will continue to enter crucial phases of adulthood already in credit card debt not. The question is have they gained the proper guidance and education to responsibly handle their fledgling credit?

Recent legislation has made somewhat of an impact in regards to criteria for qualifying for credit cards. The days of credit card companies hanging around college campuses may be at an end, however, credit cards can still be attained at the ripe young age of eighteen. This presents a serious problem to a lot of consumer credit groups. In their view, young adults simply do not understand the repercussions of not properly managing their credit. The number of cases in which young Americans have mismanaged their credit, even prior to graduating college has been on the rise in recent years, some even ending in tragedy.

How early do we begin to educate our youth on the importance of consumer credit? Some advocates have argued that we should start as soon as a child is able to comprehend the significance of money. Certainly we should start by the time it is legal to wield a credit card.

There have been several companies that have begun to approach school districts in order to bring some education into the classroom. These are not typical companies geared to teaching, rather companies that actually work with people to rehabilitate credit and bring education to the consumer. Although the content may differ somewhat from the information provided to their rehabilitation clients, the premise for what these companies are beginning to teach remains basically the same. Along with providing an understanding to the way credit works, they provide insight as to how you can maintain optimal credit. A healthy dose of light is also shed on the use and importance of credit scores, and how they are used by lenders.

There is a lot of emphasis placed on the importance of maintaining good credit by being punctual with payments to not incur collection actions, as well as the different types of negative information that can be placed on your profile to your detriment.
All-in-all, the introduction of consumer credit education into the education system is needed. An early start to the pitfalls of mismanaging credit could have a great impact into preventing our youth from starting out life with huge debt, and better, preventing unnecessary tragedy.

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