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Tres. dept. wants mandatory finance education.

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Tres. dept. wants mandatory finance education.

Message 1 of 20
19 REPLIES 19
Established Contributor

Re: Tres. dept. wants mandatory finance education.

"The report admitted it could be tough finding the right teachers because the subject isn’t a focus at most schools. Alternative instructors could be trained students, financial-aid officers and [outside financial professionals], the report said."

 

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Message 2 of 20
Contributor

Re: Tres. dept. wants mandatory finance education.

I think that it should be mandatory in high school or when you sign for a loan. It doesn't make any sense allowing young adults to take +20K in student loans over four years without knowing the possible consequences first (Private colleges, I am looking at you and your stratospheric tuition). I am sure that if I would ask my bank 20K from my credit card in cash advances they will said "No" as soon as possible
Message 3 of 20
Moderator Emeritus

Re: Tres. dept. wants mandatory finance education.


@Dracomael wrote:
I think that it should be mandatory in high school or when you sign for a loan. It doesn't make any sense allowing young adults to take +20K in student loans over four years without knowing the possible consequences first (Private colleges, I am looking at you and your stratospheric tuition). I am sure that if I would ask my bank 20K from my credit card in cash advances they will said "No" as soon as possible

I don't know, like everyone is pushing pre-approved 20K loans at me right now, it's patently absurd how badly money is chasing returns right now and you might just get that 20K cash advance.

 

It's not just student debt there's a bunch of signs that worry me right now with the expanding consumer debt and that's one of them.




        
Message 4 of 20
Frequent Contributor

Re: Tres. dept. wants mandatory finance education.


@CassieCard wrote:

"The report admitted it could be tough finding the right teachers because the subject isn’t a focus at most schools. Alternative instructors could be trained students, financial-aid officers and [outside financial professionals], the report said."

 

1st Period: English

2nd Period: Home EC Brought To You By Capital One


 

"What's in Your Backback?"

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Message 5 of 20
Established Contributor

Re: Tres. dept. wants mandatory finance education.


@Asilomar wrote:

"What's in Your Backback?"


LOL. Needs moar kudos!

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

Final update at AoYA 1 year. There's still a lot of points on the table: I get a significant boost from being at AZEO (50% of cards with a balance), and I'll be at zero scorable inquiries in a few weeks.

Message 6 of 20
Frequent Contributor

Re: Tres. dept. wants mandatory finance education.


@CassieCard wrote:

@Asilomar wrote:

"What's in Your Backback?"


LOL. Needs moar kudos!


 

Well I was just riffing off your most excellent joke.  

🤣

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EX 780 TU 806 EQ 810

Message 7 of 20
Valued Contributor

Re: Tres. dept. wants mandatory finance education.


@Dracomael wrote:
I think that it should be mandatory in high school or when you sign for a loan. It doesn't make any sense allowing young adults to take +20K in student loans over four years without knowing the possible consequences first (Private colleges, I am looking at you and your stratospheric tuition). I am sure that if I would ask my bank 20K from my credit card in cash advances they will said "No" as soon as possible

You make a good point. Just as when you apply for a hunting license, most states require a hunter safety education certificate. There should be a "credit safety education certificate". The problem is that credit issuers, payday loan issuers, loan sharks and such would have less of a chance to take advantage of folks. The bad debt collection lobby would definitely be against such requirements.



















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Message 8 of 20
Frequent Contributor

Re: Tres. dept. wants mandatory finance education.

My opinion might open a can of worms with some people here.

 

I think the Treasury dept, or ANY dept. in charge of anything, is all smoke and mirrors when it comes to the american public being in debt.

 

When you are in debt, you are easily controlled. You are sheep. You are not empowered. You have a master and you have to answer it by the due date every month or face the consequences. Your spend and your debt make the world go around. It currently works for the people in charge. The people in charge do not want you in charge of anything, including your finances.

 

And I will leave it at that.

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Message 9 of 20
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Regular Contributor

Re: Tres. dept. wants mandatory finance education.

I totally agree with this. One of the main reasons I floundered and ended up in a BK 7 was because of lack of financial knowledge, especially about credit and utilization.

Message 10 of 20
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