Financial Education The Key To Young Adult’s Debt Problems

Today’s college students graduate with thousands of dollars in debt, and it’s not all in one place. From credit cards to car loans to student loans, the debt can be staggering for most. Experts have suggested, though, that the level of debt most young people take on today could be wholly avoided with better financial education.

A recent USA Today report suggested that the average person in their twenties has about $45,000 in debt across several channels. Because the unemployment rate for this group is typically above 12 percent, financial difficulties are almost inevitable. Many of these problems, though, could be avoided entirely. Fewer than half of all states require economics courses in high school, and only 13 have any financial literacy education at all. In fact, kids are now scoring lower on financial literacy tests than they did last year and in the previous years as well.

Most experts suggest being in charge of your own financial well-being is the best way to help avoid debt problems at any age.

Source: http://www.credit.com/blog/2012/04/young-adults-struggling-financially-under-credit-card-loan-debt/