There should be a mandatory class in high school for sophomores or juniors that teaches about credit and finance.
The curriculum could include budgeting projects such as managing money on a fixed pretend income. The students would learn about how to make a budget, save money, manage their credit, and most importantly the importance of having good credit.This might help the younger generation be prepared for living on their own and make them aware of how bad credit can cost them so much money and grief.
I would like to see less young people with enormous credit card debt, in collections, and unable to get a car/apartment/home/loan. This would be overall good for society.
Of course most high school kids only retain what they care about, but so many young people, including myself at one time, have no idea what credit really is or how to set themselves up for financial stability let alone success.
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Great idea!
It can work well when there is competition. Use the semester & count each week as 3 years or something, monoply that teaches.
Just to add to the idea:You could assign each student different jobs and therefore incomes throughout the semester. Some kids could get laid off or promoted and they could learn how to deal with changes in finance.Their monthly bills could be there assignments and they would get full credit by paying them on time.
I love this idea. I ruined my credit by the time I was 26. When I was 32 I decided to start working on my credit score and had a hard time getting started. But now I have learned a lot in just a year and my credit rocks. If I had learned in high school what I have just learned over the last year by using your idea for a type of class I don't think I would have had a problem with my credit.
This is only 1% of the problem in the US where people don't even know that they live under a predatory capitalist system where commercialism is a psychological tool used to stimulate over-consumption and over-use of credit.
The reduced savings rate creates a modern form of wage slavery for working people who end up working just to try and pay off their credit card indebtedness.
Capitalist systems which use such mind polluting methods as religion, nationalism and commercialism against their own population are committing crimes against humanity and should be removed so ordinary people will gain real freedom from manipulation and mind debilitation!
Franto Hruz