September 17, 2008

Kids should get finance lessons

There have been calls by teaching staff that kids should be taught about the fundamentals of finance, in the current financial climate there is no doubt that this would probably be a good idea.

Obviously, they could do with some help and advice on what finance is all about and how to avoid the pitfalls that have hit so many people so far and are likely to hurt people for a long time to come.

Here is what could be taught to school kids:

Help students determine what they can afford
Credit history affects the APR
Thousands of sources of financing for purchases
Help students learn the lingo
Late or missed payments incur late fees
Securing financing can be more challenging for first-time buyers

However, there could be problems with this, because ideally, it would be good to get some industry representatives in to explain fully, yet you cannot help but wonder if they would be too interested in pushing their own products.

Source [Auto Credit Express]