By John S Kiernan | WalletHub
After the Great Recession, it became clear that more people needed to learn financial literacy. The housing-market collapse and following financial crisis reminded Americans of our obsession with debt and the dangers of quick access to finances for under-informed consumers.
But how much have we learned since, and what are we doing to help future generations avoid repeating our mistakes?
Not enough, it would seem. We ended 2017 with $92.2 billion in new credit-card debt, the highest increase since 2007. That’s unsurprising, considering that only two in five adults actually have a budget. For the first time ever, total American credit card debt has passed $1 trillion, so it’s clear that better financial education is necessary to try to turn this trend around. But the problems aren’t as pronounced in every state; some are more responsible than others.
