Schools teaching kids responsible borrowing

Many college kids across the country now have credit cards of their own, which may make it easier for them to make day-to-day purchases, but can also saddle them with debt.

Now, a large and growing number of high schools and colleges nationwide are teaching teens responsible money and debt management techniques that will help them to better handle their finances as they move toward financial independence, according to a report from the Pottsville Republican Herald. These classes are designed to help them better understand the situations they get into when obtaining loans and potentially reduce debt they may already carry.

"After reading the statistics and seeing things like more people are dropping out of college because of credit card debt than student loan debt, I just thought we needed to do something," Kathy Loy, a business education teacher, told the newspaper.

Older consumers may have to look to other sources to find out how to get out of debt fast, but all would likely benefit from a sound financial education that can help them to better understand how quickly they can end up in debt.