Preventing credit problems with young people - WDRB 41 Louisville News

Preventing credit problems with young people


Bankruptcy judges and lawyers are working to prevent more people, especially young people, from losing everything they have. Attorney Ted King talks about a new program coming to Jefferson County Public Schools today and tomorrow to teach financial responsibility. This program pairs bankruptcy lawyers and judges with JCPS seniors to explain the risks associated with credit cards and other financial endeavors. The CARE (Credit Abuse Resistance Education) Program is timely because of the new credit card legislation that recently went into effect. Also, April is Financial Literacy Month. The American media has dubbed this Program a "scared straight" credit program for students.

-"CARE" presented to over 5,000 high school seniors in JCPS on April 20 and April 21 by bankruptcy judges, bankruptcy lawyers and other bankruptcy professionals

-Presentations made in 21 out of 23 JCPS High Schools

-Focus is on credit card abuse and financial literacy

-Up to 10 percent of college students drop out because of credit card problems, bankruptcies of young adults ages 18 to 24 has increased by about 20 percent in the last ten years, and 43 percent of American spend more than they make each year.

-Topics Include common forms of credit, credit card fees, the true cost of credit, understanding credit card statements, and the consequences of credit card abuse.

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