Credit Card Education in Schools

Stay away from credit card debt–one missed payment and your interest goes through the roof! You will pay thousands of dollars in interest if you get any debt. You’ll be paying it off for years to come! Things like these seem to be a good portion of what we hear regarding credit cards as as high schoolers. After asking several students, I found that many of them knew little to nothing regarding credit cards. The majority of those surveyed said that while they knew or understood little about the subject, most of what they hear about it are the negative aspects; more specifically, credit card debt.

This common, poor imagery of credit cards isn’t just affecting Orem High students, either. A recent survey of 500 millennials showed that credit card debt scares them more than anything else, death included. While warning high schoolers of bad financial decisions certainly is a good idea, educating them on how to wisely use credit cards is equally, if not more, important.

Several of the students I interviewed mentioned they could imagine themselves, at some point in their lives, getting a credit card. They said that although they didn’t understand much, they knew that staying out of debt is essential. This is good, but the lack of knowledge on payments, rewards, interest, and the other major aspects of credit cards should be worrying when looking ahead. Without a basic learning of these things, unexpected events or fees may occur, leaving the individual not knowing what to do. Fortunately, these things are brought up in General Financial Literacy at Orem High.

Mr. Wakefield, who teaches General Financial Literacy at the school, when interviewed, said, “Credit card debt is one of the big financial problems in our country. Credit cards are so easy to use, they’re so easy to get, that before you know it, you can have just an overwhelming amount of debt.” He teaches many important credit card principles in his class, and believes they can be very helpful if used properly. “It’s just a matter of being educated.” Mr. Wakefield said that knowing what you’re doing is key. While these things are being taught, the fact that fear of credit cards is so high among young people shows that we should emphasize this is class.

While teaching students how to correctly and wisely use credit cards should be prioritized, we shouldn’t push or imply a need for students to use them. One student interviewed, when asked about their personal opinion on credit cards, said, “Credit cards to me are synonymous with greed and even insatiable indulgence. I wholly disapprove of instant gratification. I personally dislike instability, especially financial instability, so I’m planning on staying away from credit cards for life.” Personal opinions can vary immensely regarding the subject, but the important thing is that the knowledge to have an educated opinion is easily accessible to all students, regardless of prior standpoints.

Changing the priorities of classes may not be particularly convenient for the teachers, but it can hopefully have positive effects on Orem High school students. By doing so, they won’t have to be scared by uncertainties regarding credit cards.