Given the state of affairs with a majority of citizens in the US, it might be a good idea to require basic credit education for all HS students. The amount of debt that the America public takes on only gets bigger each day and causes tragic consequences (divorce, lack of funds for retirment/health, lack of funds for education, etc...) The US, through its public schools, should institute a mandatory credit education course. It should be at least as hard to get credit cards as it is get a license to drive a 4,000 pound hunk of steel at 100 mph.
Sure the financial services industry will suffer a bit, but they make it up on mutual funds. Consumer products, travel, etc.. will also take a hit, but there is massive overcapacity in just about every business in the US. Let the best prevail.
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great! we can have mandatory credit education, mandatory morals education, mandatory sex education, mandatory behavior education, mandatory voting education, mandatory education in all the things the government wants you to think... OR we can have no education at all, that would make it easier to oppress everyone!
Totalitarianism is just a few steps away, let's take 'em one at a time!
Its called math class. we already try to teach it. how anyone can not learn how to calculate interest rates manages to get a high school diploma is beyond me.
In the United States, there is already mandatory credit education. Each student must have four credits of English, two credits of science, three credits of math, three credits of history and credits in the humanities. If the student is planning on attending college then foreign language and advanced math and sciences are required. Even learning disabled students are required to complete the same credits in a modified format.
There is more to it then just math. Laws are also apart of the equation. Credit card companies, and lending firms, have strategies that are not commonly known, and occasionally predatory. Education is the solution, but I doubt that the public education system could keep up with the scams of businesses, big and small. A small school, much like drivers ed, could cover the latest information dependably. It teach you the things you should know, like good saving/spending practices, and how the economy works in general.
This objective would be an excellent place to apply computer instruction. Start with the Sims. Let the player handle their finances. Make the finances realistic. The Sims already does some of this, but not with educational realism. Realism probably would not work as a game. Teachers or parents would have to require successful completion. But not until they could do that themselves.
All I learnt in math was how to calculate angles and look for patterns in numbers. They should have real world math which shows you how to balance a budget and how much that home loan is really going to cost you.
Like Home Ec which teaches you how to cook there should be a mandatory "Finance" class.
I have discussed this issue over and over and I am continually writting papers and projects on the idea. Finances are SOOOO important. We are lettings our high school students go out into the world without an idea of what credit really is. Of course savy salesmen are going to convince them they can buy everything their parents have right out of high school. Without the knowledge of what debt and credit really means our high school grads are going out into the world completely unprepared for their financial future.