Credit schooling

Discussion in 'Credit Talk' started by Dani, Mar 14, 2001.

  1. Dani

    Dani Well-Known Member

    Hi everyone - here is my deep thought for the day. How do I go about adding credit classes to our local high schools? I have been reading this board since November and it seems to me that many of us gotten in trouble or been taken advantage of because of your lack of knowledge on the subject. Why don't schools require/offer credit classes? I know I would have benefited from one in high school. Instead, we have high school and college students getting in debt at 18 and 19 years old. They don't know the first thing on the FCRA, credit bureaus, loans, or interest rates. And when they get in trouble they don't know how to get out of it. People have been used and abused by the credit system (and vice versa) but we don't teach them their rights. Is it suppose to be a right of our first time getting smashed? I apologize for this being so long, but was wondering if anybody had any ideas to whom I should contact about getting a program like this in our local high schools. Comments, compliments, criticisms?

  2. Erica

    Erica Well-Known Member


    I think that is a great idea. I did get into serious debt just out of high school and wish that I had an opportunity to learn about credit.

    I also think that the parents should have something to do with the Credit Learning Process. If my parents had explained the proverbial "value of a dollar" when I was 16, I might have never gotten myself into this place to begin with.

    Most parents these days give their children an allowance regardless if they earned it or not. In my opinion, kids should learn how to work and have "credit" at that age.

    Not much can be done about that now, but it's my opinion. Credit schooling is a great thing, maybe contacting your congressman?

  3. mother2

    mother2 Well-Known Member

    But it should start at home

    first. Parents should teach this responsibilty. My parents were strictly "cash" parents, until my father died. Then my mom decided to get into the credit world. By then, I already had 2 credit cards and thought I was the $#!T.

    My dgtr "earns" her allowance and when she does get it, I take her to the bank to deposit it. Then if we're out somewhere and she wants something, she has to withdrawl the money. If she doesn't have enough...oh well. She has to wait until she does.

    I would agree that this should also be taught in schools...maybe incorporated into Math classes.
  4. Dani

    Dani Well-Known Member

    Re: But it should start at hom

    I totally agree it should start at home, but unfortunately most of today's kids pretty much raise themselves. I grew up a latch key kid. Don't get me wrong my parents were terrific, but hardly ever home. Which of course is great at 16 years old. Although my parents taught us how to balance a check book that was basically it. I saw two of my sisters go through judgements, collections, etc. and have their credit ruined by the age of 20 due to overspending and a lack of knowledge on how the system works. Erica, I think I will write to my congressman. It probably won't go anywhere, but what the heck at least I can say I tried. And who knows? Thanks ladies for your input.

  5. marci

    marci Well-Known Member

    Re: But it should start at hom


    I messed up in college and had NO CLUE what credit meant until recently.
    I'm now teaching my parents the lessons they should have been able to
    teach me re personal finance.

    Here's an idea. When banks get sued for illegal billing pratices/collections,
    etc... they are often forced in the judgement to send their customers good
    credit management brochures and post such "tips" on their websites in
    addition to monetary rewards.

    Hence, you'll find that Cap One, Providian and others have these
    "we care about you, so here's how to manage your credit" tips - as if
    they are being responsible to customers, when in fact they are forced to
    do it. This is like the Budweiser/ RJ Reynold's commercials re
    smoking/drinking responsibility, etc..

    I would like to see a court ordered requirement for personal finance
    courses required for college applicants. It would be nice if congress could
    pass legislation preventing credit card companies from granting a card to
    anyone under the age of 21 unless the person shows a transcript of
    having taken a credit and personal finance course.

  6. Erik

    Erik Well-Known Member

    Re: But it should start at hom

    I agree with the class idea. I've thought about classes that don't get taught too. Such as:

    1. Anger management (nobody get taught this until maybe after they beat up their wife and kids)
    2. Ethics/Morality/Religon/Philosophy (not praise the lord stuff just general theories and stuff)
    3. How to get involved in local government (If you were taught this you wouldn't be asking how to add this to a class. If I was taught this I could give an answer.)
  7. Hal

    Hal Well-Known Member

    Re: But it should start at hom

    I think a major problem is that Credit Card Companies are allowed to solicit students on college campuses. Colleges sign agreements with these companies, Creditors "Donate" huge amounts of money for the privilige, which is often exclusive, and the colleges also sell mailing lists with the names of their students.

    Most younger people get into credit trouble when entering college and being bombarded with "pre-approved" offers for student cards that have no real means test to determine if the cardholder can repay the debt. This should be addressed legislatively and some restrictions place on the card companies to prevent this.

    A credit card in the hands of a young person is often a key to financial disaster. I agree that financial education is a key and should be addressed first at home and possibly in high school. However, the "freedom" most young people experience in college and the easy availability of credit can often overshadow any education until the reach the point of being in serious trouble.

    GEORGE Well-Known Member

    Re: But it should start at hom

    WHEN I WAS IN HIGH SCHOOL, there was a class I took on economics...everything from profit and loss, to G.D.P., to keeping a checkbook, and many other economic tools.
  9. RichGuy

    RichGuy Guest

    Economic Education

    When I was in high school, I took a "Government" class. The only thing I ever learned was how to fill out an income tax form. I think some sort of Economics class would be a good place to learn about taxes, credit, housing, budgeting, etc.
  10. Momof3

    Momof3 Well-Known Member

    Re: Economic Education

    I had a business law class and the "only thing" that sticks in my mind from that class was the insightful wisdom of my teacher, she told us whatever you do if you are going to do a crime( had such high hopes for us!) do it federal, nicer prisons LOL. Funny that's the only thing that stuck in my head:)
  11. Nave

    Nave Well-Known Member

    Re: Economic Education

    Great Idea! Now lets get the legislation that forces the credit card issuers to pay for it!

  12. Hal

    Hal Well-Known Member

    Re: Economic Education

    But then, they would only qualify you to attend the class if you completed an application for a student card : )

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