This is something that teens and parents of teens need to know. The following excerpt has been taken from the pages of the March/April 2005 edition of Youthworker Journal. It is a wakeup call to all of us that like to spend money.
"According to a Harvard University projection, 111,000 adults younger than 25 will file for bankruptcy this year. Credit card debt for those under 25 more than doubled in the 1990's and continues to increase. Almost 60% of financial aid packages come from loans rather than grants. 40% of students from the highest income bracket now borrow money for college - a year ago it was only 20%. The policy research group Demos has dubbed Generation Y 'Generation Broke.'"
Wow! I hope and pray that this will sink in to you spenders out there that like to 'put it on credit.' It really helps to put a little away for a rainy day. Just remember these 3 little words: Save, Save, Save!
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