Why Are We So Vague About Personal Finance?
July 18th, 2007Most educational systems do an abysmal job, if any job at all, in teaching young people about personal finance. Beyond that, many people growing up are not afforded good examples of sound money management at home, given the fact that many parents are dysfunctional around money.
People very often feel uncomfortable in carrying on discussions about money, sometimes to the point of embarrassment. This can be chalked up to the generalized feeling of vagueness that seems to pervade much of the population when it comes to personal finances.
Just by way of example, not much in the way of sane thinking seems to exist when it comes to using credit cards. In 1992, in the United State alone, the credit card debt nationally was $273 billion. As of 2007, has swollen to more than $800 billion and shows no signs of slowing down. Statistics establish that the average American household has over $9,000 in credit card debt. All too often people use credit cards without a clear idea how mounting balances will be paid back fully in a timely manner.
