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The 31.5 Trillion Dollar Problem
A Wake-up Call for Credit Card Debt
As we enter 2023, credit card debt in America is at an all-time high, with millions of people struggling to make payments and meet their financial obligations. According to recent statistics, the average credit card debt per borrower is $5,315, and approximately 189 million Americans have credit cards. The crisis is affecting people of all ages, with the majority of those in debt being between the ages of 35 and 54.
Financial Literacy
The lack of financial education in the schooling system in America is a major contributing factor to the credit card debt crisis and wider issues of financial insecurity and inequality. Despite the importance of financial literacy in modern society, many schools across the country do not provide comprehensive financial education to their students. In fact, only 21 states require high school students to take a personal finance course in order to graduate, and many of these courses are not mandatory or fully funded.
This lack of financial education can have serious consequences for students as they enter adulthood and begin to manage their own finances. Without a solid foundation of financial knowledge, many young adults may struggle to make informed decisions about their money, leading to issues such as…
