Tuesday, September 26, 2006

College Students Declaring Bankruptcy

Americans filing for bankruptcy grew 30% in 2005 to the highest level ever. Per the Administrative Office of the U.S. Courts, personal bankruptcy filings were in excess of 2 million in 2005.

Unfortunately young adults in college were probably a significant portion of this total.

A major cause of personal bankruptcy amoung young people is the lack of understanding of money management basics. Since schools rarely teach money management and personal finance classes to young people, it becomes the responsibility of parents to teach money skills to their kids.

http://collegeinfoforparents.blogspot.com/ regularly posts suggestions on how to teach your kids money management skills. Quick lessons on basic personal finance topics will also be posted.