These days, everything seems more expensive, school costs included! Even though it's terribly tempting, we need to watch out that we don't over-borrow, whether we are parents who just want the best for our children, or students who are hoping it will all get paid off easily when we graduate.
Check out these recent statistics from Consolidated Credit's debt consolidation guide:
- • 83% of undergraduate students have at least one credit card.
- • Nearly 40% of students now graduate with unmanageable student loan debt.
- • A third of college seniors graduate with $20,000 or more in student loan debt.
- • Just over half of students who used loans to pay for college say they feel burdened by their debt
- 78% of college students have at least one credit card.
- 8.7% of bankruptcies are from people
under 25 years of age.
If you are already deep in debt and wondering what to do, consider Consolidated Credit, a debt consolidation company for debt management, credit counseling, and help with credit card debt.
If you'd like to give your students an education in credit and debt management, check out the free booklets at Consolidated Credit. The topics and e-booklets range from Budgeting101 to Youth & Money, and from Avoiding a Foreclosure to Saving Money. The booklets are typically 10-20 pages long, .pdf documents. I read a few and think they'd be great supplements to math and economics curriculum or for just good parenting.
“If we aren’t careful, our children will come down with ‘affluenza,’
a disease that causes them to confuse wants and needs. We need
to teach our children what my grandmother taught me: Think twice
about spending money you don’t have on things you don't need, to
impress people you don’t like anyway.”
— Michelle Singletary, Washington Post syndicated personal-finance columnist
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Have a resource or giveaway to share? Email me at loriseaborg @ gmail.com