68% of Americans Damage Credit Before Turning 30

It’s time for us to take a good look at what we’re teaching young Americans about personal finances. In fact, you don’t even have to look very hard because the answer is…almost nothing. Schools are teaching kids the meaning of Islam, the biased Ferguson saga, and other prejudicial crap, but they aren’t teaching them anything about how to use a credit card. And this lack of education has had an all-too predictable effect in the real world.

According to a new survey from Credit Karma, 68% of Americans have messed up their credit report by the time they reach the age of 30. Overspending, late payments, missed payments, and loan defaults are a few of the common ways Americans are getting nicked in their first years of independence.

“I think what a lot of people don’t realize is how a missed payment can stay on your credit,” Credit Karma’s Bethy Hardeman said. “It can be one mistake that you don’t think is a big deal that can cost you thousands in the long run.”

But what else would possibly happen in a country where we send young people off into the world with a fresh credit card in their wallets and no guidance on how to use it? It’s easy to look back as a 40-year-old and scoff at the financial folly of young people; when you’re broke, ignorant, and you have a card with “free money” on it, though, the situation is a little different. That’s not to remove personal responsibility from the picture, but it demonstrates a striking need for more education.

“These early mistakes can have a lingering impact on the quality of people’s lives, and we feel that with better, targeted education and learning tools for new-to-credit consumers, this cycle can be broken,” Kenneth Lin, Credit Karma’s founder and CEO, said.

Credit Karma is probably just promoting their own programs with a statement like that, but we could do with some education that starts well before young adults get their first credit card. Financial responsibility should be a part of our high school education system. Why would we go to such lengths to make sure kids are learning history and advanced math while ignoring these practical skills that mean so much more in the real world?

You could probably get conspiratorial about this – who benefits more from customer ignorance than the credit card companies themselves? – but it’s not necessary. We’re simply too slow to adjust our education system to the realities of the age. High school should be about more than preparing kids for college. Many of them will never go. All of them, however, can benefit from practical, sensible skills on credit, budgeting, and financial responsibility. Our country will be the better for it.

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  1. Very good article, absolutely true. The youth of this day and age have been completely lied to. The teachings of old are still the most important information of all time. The principles of the Bible are still in effect and will be forever. Come along side the young, supporting wisdom and truth.

  2. I have been saying for ever, most people are ignorant! And, sixty eight percent is most! These same ignorant morons probably voted for the progressive liberals, including the POS in the W.H. But hey, they see how in debt the country is, thanks to this POS and, the rest of the liberals who ok’d his budgets; (including ALL of congress) SO! if it’s OK for the government to be in debt, why not the 68%. This is why we have morons running around chasing entitlement candidates like sanders and, clinton!

    • Gosh low info con, you don’t seem to know WHO created this debt.

      So lets examine the Debt, shall we?

      Reagan was the first to TRIPLE the national debt.

      then Bush One DOUBLED the national debt YET AGAIN.

      then Clinton did a little damage BUT left GW a SURPLUS.

      then Bush TWO added 76% MORE to the debt

      WHILE giving out a 1.7 TRILLION tax cut (now part of the debt)

      starting TWO wars that Obama had to pay for


      pushing through the Big Pharma bonus of ONE TRILLION in unpaid for bills that Obama had to pay for.

      Bush the moron also gets credit for the first 1.4 trillion on Obama’ tab since that was a GW Bush administration budget.

      so moron of the right, without the GOP we would have a very small national debt.

  3. “but they aren’t teaching them anything about how to use a credit card.”

    Another article to create HATE.

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