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Originally Posted by chevydriver1123  After the sub-prime fiasco, should we make it a graduation requirement for High School for students to take a basic personal finance class? |
I think throughout a kid's school years he should be taught basic things about personal economics, like only ever get simple interest loans on houses.
There are some exceptions to that, but too many people were getting sub-prime loans on houses they they couldn't afford. If you can't afford to buy a house at the current competitive 30 or 15 year mortgage rate, buy a smaller house.
Kids need to be taught that most people use credit cards to buy things that do not appreciate, yet interest has to be paid to purchase those things that will be worthless in a short time. So, a TV is bought that's obsolete in 5 years, but often it isn't paid off for 10 years. Seems like its the American way to fall into this trap. Credit cards should only be used when you want extra protection on a purchase.
I think public schools should have courses to teach kids how to avoid being suckers for other people who want to make money off of them.