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More 20-Year Olds Go Bankrupt than Graduate College

Posted on April 5, 2018 by Alice Kenny  |  Share

Find Out How Catholic Charities Reverses the Trend

Catholic Charities NY Alianza offers free financial planning to combat the trend that 20-year-olds go bankrupt than graduate college.
Photo Credit: Manhattan Times

Shocking stat: More twenty to twenty-four-year olds declare bankruptcy than graduate college! They make easy prey for credit card ads and inflated student loans. Worse still is that the hardest hit are the struggling young people we serve.  So Catholic Charities is teaming with State Assembly member Carmen de la Rosa and State Farm to ensure teens we serve are not among them.

@MsgrKSullivan speaks to students @StateFarm @CathCharitiesNY #MakeitPossible #financialliteracy workshop pic.twitter.com/6RHeEUoPGT

— Luz Tavarez (@Amaznred) March 23, 2018

“Having a good handle on one’s finances is so critical to success,” says Catholic Charities Executive Director Msgr. Kevin Sullivan.

To create this good handle, we recently kicked off a series of free financial planning seminars for teens to compliment high school support and college-prep programs we already offer.

We’re beginning with teens we serve at Alianza, a Catholic Charities NY division focused on offering children in the largely Dominican neighborhood of Washington Heights/Inwood academic, cultural and social support they need to succeed. To spark their interest in finances, a topic better known for putting teens to sleep, we began last month with a free networking breakfast, lunch and breakout sessions that offer simple strategies for financial independence.

Financial experts outlined steps to promote good rather than bad credit such as:

  • Sign up for a student credit card to build credit history (GOOD)
  • Sign up for many credit cards (BAD)
  • Use a credit card when you have enough money to pay it back in full date it is due (GOOD)
  • Pay back credit card debt a little at a time so you can buy more items (VERY BAD)

“Our high school students need to be exposed to real life scenarios that will be advantageous for them in the long run,” says Assemblywoman Carmen de la Rosa.

For more on the most recent financial planning seminars, read this just-released article from the Manhattan Times

 

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