Released: August 25, 2007

Cards train kids to use plastic

Source: M.P. Dunleavy, New York Times (Free Registration)

we are, a nation deeply in debt. All told, America’s adults are on the hook for well over $2 trillion, and more than a third of that is credit card debt. Given the circumstances, what is the best way to prevent our young people from skidding into debt?

(A) Lobby madly for financial literacy programs in schools.

(B) Do nothing.

(C) Create teenager-oriented debit cards to encourage youngsters to assume that money always comes in plastic and that they should spend whatever is on their cards because that’s why the cards are there.

Guess what? Despite grass-roots efforts across the country to develop financial education programs for youngsters, Option C is looking like the front-runner.

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