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I racked up $12k in credit card debt after college. It was the result of a low paying, dead end job (GameStop), wanting to be independent and live on my own, and no financial education beyond my parents telling the the very basics.
That all changed when I decided I didn't want to live paycheck to paycheck the rest of my life. Got some licensing and a career type job, met my wife, and the rest is history.
I paid off my credit card debt within the first year at the job, we both paid off our student loan debt (totalling ~$90k within the first 5 years) and now the only debt we have is our mortgage which is fixed at 2.75%. We could pay it down rather aggressively if we wanted but at that rate we we're simply maxing retirement accounts and putting the remainder into taxable investments instead.
Fuck credit card debt. I believe every high school in America should have a required financial literacy class. Not just balancing a checkbook, but how to build good credit, the dangera of credit card debt, predatory loans, the benefits of saving for retirement early, basic investment principals, and anything else that would make a young person financially literate early in life.
I'm starting to think that the reason why they don't teach financial responsibility in school is because banks would lose less people to prey off of.
I wouldn't be surprised if that sort of education is heavily lobbied against in Washington!
Education is certainly lobbied against in Florida. Interestingly enough, I do believe Florida has mandatory personal economics in schools.