Learning Financial Literacy The Hard Way

Conventional wisdom says that you should read the fine print before you take out a car loan or sign a credit card agreement, but sometimes even reading every line carefully will not prepare you for all of the possible pitfalls of your decision to borrow.  Most adults in Florida are in debt; the ones who are not were either born into wealth or belong to a debt-free living subculture.  Even though many of the events that led to your current debt situation were beyond your control, such as an accidental injury and the unaffordable cost of health care, you probably regret some financial decisions that, in retrospect, would have made it easier to get out of debt if you had decided differently.  Thanks to a new law, the current generation of Florida teens will learn more in school about personal finance than their parents did.  You can’t change the past, but you can set a good example for your kids now by tackling your debt.  The first step to solving complex debt problems is to contact a Miami debt lawyer.

The Dorothy L. Hukill Financial Literacy Act

In March 2022, the Dorothy L. Hukill Financial Literacy Act became law.  Pursuant to the new law, all students who begin high school in the 2023-2024 school year and subsequent years will be required to take a one semester class in personal finance as a requirement for earning a high school diploma.  In these classes, students will learn about elements of personal finance, such as checking and savings accounts, loans and credit cards, personal income taxes, and interest.  Approximately half of the states in the U.S. include personal finance education as a requirement for high school graduation.

Financial Literacy Is Not a Magic Elixir

Learning about personal finance in high school may help the next generation avoid risky financial decisions such as borrowing payday loans and participating in multilevel marketing businesses, but lack of knowledge about finance is not the only reason that Floridians are in debt.  Most people struggling with debt chose the best option that was available to them at the time, since there was no option that would not put them in a worse financial position.  Payday loans are bad, but getting evicted from your home is worse.  Getting a root canal when you don’t have dental insurance is expensive, but it is better than leaving it untreated until the infection spreads from your tooth to other parts of your body.  Even when debts are the result of financial mistakes, the debts stick around long after you have learned your lesson about them.  A debt lawyer can help you dispute, settle, renegotiate, or consolidate your debts to make your financial situation better.

Contact a South Florida Debt Lawyer About Tackling Your Debt Before It Passes to the Next Generation

A South Florida debt lawyer can help you get out from under the debt burden you incurred because of mistakes you made many years ago.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.

Sources:

fastcompany.com/90754811/most-people-cant-answer-all-5-of-these-basic-financial-literacy-questions-can-you

flgov.com/2022/03/22/governor-ron-desantis-signs-financial-literacy-bill-to-support-floridas-students/