April 15, 2009
- Average Credit Card Debt Rises for College Age Adults
A study released on Monday by Sallie Mae, a college-financing company, reports that the average amount of credit card debt has risen for those young adults of college age.
"[The study] finds that the average undergraduate carried $3,173 in credit card debt last year, the highest level since Sallie Mae began collecting this data in 1998. In 2004, the last time the study was done, students carried an average of $2,169 in card debt.
The higher the grade level, the greater the card debt, according to Sallie Mae. In 2008, college seniors with at least one credit card graduated with an average of $4,138 in card debt, up 44% from 2004. By comparison, freshmen's average credit card debt jumped 27% to $2,038."
Once again this is a demonstration of how dependent our society is on debt and unfortunately, it doesn't appear to be getting any better.
It's important for each one of us to seize control of our financial situations, and this means eliminating debt as quickly as possible. Given the topsy-turvey state of the US economy, it's never been more important to have financial flexibility.
The Money Merge Account® truly is a revolutionary tool for helping people, young and old, pay off their debt in record time. And as these young people leave college with rising amounts of credit card debt, it's our hope that they encounter a United First Financial® representative that can show them the power of this 'pay off debt fast' system.0
April 1, 2009
- What Kids Know About Money
As we all work to help rid the world of all the unnecessary, burdensome debt that is currently hanging over most of our heads (if you're totally debt-free…CONGRATULATIONS…you're in the minority), it's important to educate our kids so they don't end up falling victim to the slick advertising and 'you CAN have it now' mentality we've become accustomed to. Our kids definitely are the future and it's important for us to teach them early about the debt and how it can be a ball and chain if not used properly.
Here's a snippet from a great post about one teacher's experience with kids and their understanding of certain aspects of money as it relates to happiness, debt, advertising, etc.:
"One thing stood out clearly: kids listen when you talk to them about money. The students from my class gave responses that aligned with values about money and life that I had conveyed to them throughout the year. The problem is we’re not talking with them enough, at home or at school.
There are only a few states in the U.S. where teaching personal finance to students is required prior to graduation. The Jump$tart Coalition surveyed high school seniors on personal finance knowledge; they averaged a dismal 65%. Worse, only 50% of the students were aware of the financial costs of paying only the minimums on credit cards."If you have time, I encourage you to read the entire post as it's quite interesting to read about the survey given to the kids and their responses. It certainly indicates that whether we believe it or not we ARE influenced a great deal by advertising and the idea of 'you CAN have it now'.
Listen, debt can be a deadly, deadly disease. While there are some worthwhile uses for debt, anyone that tries to tell you it's a good solution long term is only after one thing…more of your money.
Each and every responsible person should be doing their very best to eliminate their debt as quickly as possible, especially in today's economic climate. With the burden of debt eliminated, you're free to invest your money in your future, you can breathe easier at night knowing you're free financially, and you can be free to pursue interests that may not have been possible before thanks to too much debt.
If you'd like to learn more about a powerful system that's already helped hundreds of thousands of people eliminate their debt in record time, visit The Money Merge Account®.
And be sure to request your FREE 'How Fast Can I Pay Off My Debt' Analysis.
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