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Money Management Skills and Credit Cards
The truth is that many American families have some level of credit card debt and most have too much of it. The American lifestyle has changed a lot in the last fifty years. Women entered the workforce in record numbers beginning in the 1960s, and our busy lifestyles have caused an increase in consumerism. We now need more goods and services than ever before, and along with an increase in spending, often comes an increase in credit card debt.
Money Management 101
Fortunately, the school system has decided to tackle the difficult job of teaching money-management skills. Requirements do vary by state, but many schools now at least offer an elective in life skills and money-management skills. This means that students will graduate high school knowing the basics such as how to write a check and balance their checkbooks.
Some schools even allow mock “marriages” that require students to partner up with a team member and devise a household budget. These experiences can prove to be very useful once students graduate and enter the “real world.” Students who are headed to college would benefit from reading our articles on student credit cards and how to survive college without accumulating a massive amount of debt.
What is the Real Truth about Credit Cards?
The truth is that many consumers are responsible with money-management skills. It’s really only a small minority of individuals who repeatedly mismanage their money. Most of us learn a lot from our financial mistakes, and use those bad experiences to improve our situation.
Consumers facing an extreme financial hardship might want to consider consumer credit counseling, and some consumers might even need to consider bankruptcy. If you’d like to learn more about credit cards, make sure you read our archives. We have articles on dozens of credit card topics, and you’re sure to find just the information you need.