The Financial Literacy Crisis

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F.R. of CA 1:01PM September 15, 2009

As a response to Lorri Saari of MI, I would submit to you that most adults and most attorneys do not even understand how credit cards work. This is why so many people go bankrupt falling into all the tricks and traps of credit card agreements. The contracts are "adhesion contracts" that attempt to strip away constitutional rights of the cardholder, and are overly complex, contradictory, and deceptive. This is done by design by the most expensive and crafty attorneys in the world. The agreement cannot be read by the consumer until the account is opened, so any responsible person that reads a contract before they sign it are denied taking that responsible action. If you wait until the real agreement comes in the mail with the card, after you have signed the "disclosure" as a open ended contract that refers to the coming real agreement that you are not allowed to read, and you decide to close your account, you are punished via your FICO score. This should be illegal. So I don't think the statement was demeaning in any way to teenagers. It is a commentary, if fully understood, on the credit card companies themselves.
Credit card users spend 12% to 18% more than those who use cash, according to the credit card companies themselves. This is because it is easier to spend, and you don't see your cash dwindling as you spend it. The best responsible way to use a credit card is to practice your artistic skills cutting plastic with sissors. Signing their agreements is like doing a deal with the devil. Don't do a deal with the devil or you will get burned.

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hoolio of MA 4:26PM February 09, 2009

The comment above about "I cannot accept that someone would 'not know how a credit card works'; anyone with an 8th grade education can figure that one out rather quickly" to me is rather deploring, when in fact it is people like that who assume teenagers "young people" know and do nothing about their financial literacy learning. They are the parents, family and friends you do not want to encounter in life.
As a former principal, teacher, mother; I raised 4 teenagers, now 29, 26, 26 (twins) and 22. All of them have a consistant reporting and foothold of their finances. All have great credit. This is not because each of them woke up one day and said, "I know everything I need to know about financial literacy or everyday skills to manage my money so I can be a productive person in this world or I know all about math learning and how to pay bills". It is about: What you learn is what you experience. What you see is what you do. How you learn is what you experience, see and do.
The skills and strategies of financial education begins from childhood, incorporating many of the day to day money management tasks, usually begining most times from going to the grocery store. "That candy bar or a stick of gum each young child wants for themselves". I remember as a young teenager, my mother showing me her paycheck, which was soley used for groceries and household items and it was a game of how we could coupon clip, budget and spend that money for groceries and household items. We were taught how a checkbook worked. When she was off 1 penny, that penny was found by double checking her numbers to balance.
Everyday math life skills "financial education" is a steady rudder to ride, riding on the wave of forward hands on learning, making mistakes, correcting them and making better sound decisions.
The ill-prepared teenagers "young people" lack skills and understanding of the basic tenets of sound financial education and responsibility, not because they do have an 8th grade education; it is because education and family structure may have failed them. Let's not underscore young people's abilities to learn with the right tools and the positive influence parents, community, educators, self help sources, work, friends can have on their financial management, development and security.

Lorri A Saari of MI 11:14AM January 31, 2009