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Credit Use Up Among
Teens A JA Worldwide &
Allstate Foundation Poll
It would take a
teen making minimum payments more than 9 years
and almost $2,000 in interest fees to pay off a
$1,000 balance on a credit card with an 18
percent annual interest rate. And, as teens get
older, they tend to own credit and debit cards
in increasing numbers, according to the 2006
Interprise Poll on Teens and Personal Finance
conducted by JA Worldwide and the Allstate
Foundation.
Poll results show that more
than 10 percent (10.3%) of respondents indicated
that they own credit cards. Showing the
unfortunate results of credit mismanagement,
which can affect a person’s credit history for
up to ten years, the fastest growing group of
bankruptcy filers is 25 years of age or younger,
according to the U.S. Senate Committee on
Banking, Housing and Urban Affairs.
JA is a Solution
Provider Recently the Texas State
Board of Education approved two JA programs for
inclusion on the supplemental list for the
personal financial literacy requirement mandated
by state legislators under HB492. The two
programs are "JA Economics” and “JA
Personal Finance.” This allows Junior
Achievement the opportunity to work with our
education partners to help inform students of
the pitfalls of debt and provide tools to help
them build bright financial futures. To learn
more about how you share your experiences as a
JA volunteer, please contact Veronica Avila
(210.490.2007 x119).
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