I think this should be taught at school. Most people don't have the discipline or even understanding what debt actually means so we constantly see people buying stuff on their CC because they feel its like they 'have' the money only to later see them struggling with payments etc. Its hard to resist the temptation when we have this plastic thing that can buy us anything and we face the consequences after a while. It makes us feel as those two things are not connected and often people don't learn from this and keep doing the destructive behaviour their whole life. Reducing quality of life as the struggle is a burden on their everyday life. I feel that CC was the worst financial invention. I think its safe to say that without it most people would be better off and have a better quality of life.
So yeah, this should be taught at school as a 'life skill'. Along with cooking, taxes etc.
I think most people would appreciate it
Checking accounts suck. The money from debit transactions don't clear immediately, so there's often an illusion that you have more or less than you actually have and it's off for a few days. You can write a check but maybe someone doesn't deposit it for 90 days.
To deal with that all, your options are:
1 - Have a check book (who does that?)
2 - Keep too much money in your checking account, where it's barely getting any interest.
3 - Risk having to pay overdraft fees.
Cash also sucks. It generates no interest, wastes time (slowing down transactions and counting/keeping track of it), and risks being lost or stolen.
Credit accounts are much better. As long as you pay it off every 2-4 weeks, interest only gets charged every 8 weeks. Leave your money in stocks or savings or bonds or wherever you can be on the receiving end of interest and just pay it off immediately.
Never do minimum payments on credit cards - that should be avoided just like overdraft fees on a debit account.
The two things people need to be taught are:
1 - Be aware of the interest on debts. If your interest on a debt is over ~5%, be aggressive about paying it off. Don't settle for minimum payments on those. Credit card should be paid in full every month.
2 - Have a weekly discretionary budget. Don't spend more than that. If you run out of the budget before the week is over, you're stuck with making yourself sandwiches or ramen noodles - no more fun food or eating out.
If a third thing were to be taught, I'd probably say something about having an emergency fund to cover at least 3 months of bills, and don't just leave the rest of the money piling up in a low interest saving account - once your emergency fund has all the money it needs in it, put your other money into stocks, MMSAs, bonds, etc...