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Credit Scores as Important to Teens as SATs

By the time they turn 18, about one in five high school students already has a credit card. And they're not shy about using it. Credit card debt among young people roughly doubled during the 1990s. And so did the number of 18- to 24-year-olds filing bankruptcy.

Federal bankruptcy Judge John Hargrove got tired of seeing bankruptcy filings from such young debtors. So he's giving high school students in San Diego, Calif., a crash course in using credit wisely. Hargrove's program is called CARE, which stands for "Credit Abuse Resistance Education."

"It's not bad to have a credit card. It's just wise to know what you're doing," says bankruptcy attorney Jeffrey Schreiber, who participated in a recent CARE presentation along with Hargrove.

Below is a quiz Hargrove uses in the program.

Copyright 2022 NPR. To see more, visit https://www.npr.org.

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.