Only 10% of high schools in America teach financial management. It's not surprise then that more than 50% of college students accumulated more than $5,000 in credit card debt while in school.
The US Department of Treasury along with the Ad Council, have developed a campaign to combat the issue of debt and financial illiteracy. The campaign targets young adults, ages 18-24, who are just starting to be financially independent and are experiencing debt and other forms of financial distress for the first time.
Overall, they do not have the knowledge about basic credit facts and have not been taught the importance of good credit and the negative impact of bad credit. The campaign encourages young adults to think twice about spending in the moment and to seek more knowledge about how their spending behavior can affect their credit history and immediate future. It teaches how overspending may cost them more than they think. It can cost them a job, a car loan or an apartment. It can also cause public embarrassment.
The campaign's PSAs direct young adults to www.controlyourcredit.gov, which features an interactive, educational game to explain the importance of having a good credit score and how it can be improved.
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