Debt of all kinds is a serious problem all around the country, especially since the recession hit. In Florida, advocates are calling for a way to help prevent the next generation from falling into the trap of student loan debt and credit card debt. Several financial literacy advocates want to start teaching personal finance in high school.
One advocate of creating a course in public schools to better prepare students for real life finance cites the difference in how debt is handled today compared to decades ago. He says 60 years ago, only one in 1000 homes dealt with foreclosure. Today, that number is 20 out of 1000 homes.
The specialist also says many of today’s credit card holders in Florida do not even know the interest rates on their credit cards. Currently, the idea seems to be catching on as financial leaders across the state voice their approval of a financial literacy course in public schools. Professionals, such as bankers and business associations, have agreed to join in help teachers develop a course that will help prepare students for how to handle debt.
While credit card and other debt can happen to anyone, the more Florida residents know about how to handle their debt, the better prepared they may be to take action if that debt affects their ability to buy or keep a home. Since the recession, there have been a number of changing laws and regulations that help people deal with expanding credit card debt. Knowing how debt can affect credit and how the laws may be applied is the best way to begin to tackle any kind of debt.
Source: The Florida Current, Financial advisers call for ‘money course’, Bill Cotterell, Sept. 27, 2013