I work for a bankruptcy Trustee and let me tell you, we need to start educating our children about "finances". I know just working where I do my family has started to clean up our "act" so to speak. I've really had my eyes opened. While we have pretty much tried to watch our finances, we weren't doing nearly as good a job as we should have been. I've learned so much!!
We have had clients tell us that they've got $80,000+ in credit card debt "cause the credit card companies kept sending them" DUH!! I almost invariably want to ask them ..did you not think you'd have to repay them?? Most blame "the banks" for sending them. It's the usual "it's not my fault" senario.
The reason a lot of clients declare bankruptcy is because they lose their jobs and use credit cards to supplement their incomes. Through Financial Counselling, we emphasize savings in good times so that if one does lose their job they have a cushion until they can obtain another one. Even at that, we have 2nd and 3rd timers.
Some people never learn!
JMO