Tips to help your teen stay out of bankruptcy courts
If you are the parent of a teenager, here are some statistics you should worry about: one out of every 10 teens uses a credit card. By the time a student enters freshman year of college, their average debt on a personal credit card is about $1,500. No parent wants to see her child drowning in debt — let alone filing for bankruptcy protection, so you probably need to begin financial education pronto. Msnbc.msn.com reports:
At the very, very least, you need to be a role model. Americans, as a whole, carry about $800 billion in credit card debt. And many are not taking advantage of 401(k)s to save for retirement. If you don’t want your children to fall into the debt trap, set a good example for them. The truth is that parents who are bad with money usually have kids who are bad with money.
Read more: 5 tips to stop your teen from going into debt
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