Personal bankruptcy filings reached 1.5 million last year in the United States. That number prompted the U.S. Senate to designate April as Financial Literacy Month. The bipartisan measure’s purpose is to promote financial literacy in America’s homes, schools, workplaces and communities. Several national reports in the resolution illustrated the need for personal financial literacy in the U.S., including:
- Only 21 states require high school students to take an economics course before graduation
- Only 13 states require a high school course in personal finance
- Nationally, more than 77 million adults are unbanked or under-banked
The senate sponsors believe increased financial literacy can help Americans manage their finances and make informed financial decisions. Ideally, people will be able to save their homes, save for their child’s education and deal with financial roadblocks. The senate hopes that a Financial Literacy month will focus attention on understanding the increasingly complex economic system.
The increase in free-flowing credit card offers has also contributed to financial ruin for many families. Educating young people on the dangers of irresponsible credit card use may prevent problems in the future.
If you feel overwhelmed by debt and other financial issues, a Washington DC bankruptcy attorney can get you on the road to financial freedom. Contact a Washington DC bankruptcy lawyer for a free telephone consultation about any of your debt concerns.