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Bankruptcy: The Power of the Clean Slate

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The Kids Are(n't) Alright

Will Our Kids Be Dumb and Broke? That's the question posed recently on MSN.Money, and it isn't without merit.
Let's think about it. We've gone from a country with a small spending problem to a country mired in debt so deep it covers the entire history of lending and borrowing in just one generation. Sounds like we took a wrong turn somewhere, right?

Some statistics recently gathered from the National Foundation for Credit Counseling show that our current trend is leading to financially illiterate children who will have no money and no future. How so? Well, as of April:

  • A third of Americans have no emergency fund (savings)
  • A quarter have saved nothing for retirement
  • One in ten struggles with a mortgage payment
  • Millions struggle just to pay bills on time with
  • about 7% of those adults receiving collection calls

This data makes it perfectly clear that we have to each our children to live differently—and that starts with us! Are there ways you are trying to live more frugally? [MSN.Money]

Posted: 5/16/08