A recent study determine that one contributing factor in the recent spike in home foreclosures, is that many home buyers didn’t comprehend completely the details of their home loan contract. If that sounds surprising to you, have you taken a look at an average credit card contract recently? It seems that anything beyond simple transactions today, require advanced knowledge of the complex language that today’s financial agreements are written in.
Predatory Financial Institutions
Its no wonder that so many banks and lending institutions are having their business practices labeled as “predatory”. With the average consumer being a “financial babe in the woods” more and more lending institutions are employing wolves to prey on them.
Its only going got get worse in the future too. This is because new government regulations are going to make it harder for the average consumer to obtain credit. This means that banks and lending institutions are going to make their contracts even more complex to insure that they are protected.
Preparation is Key to Avoiding Disaster
Online personal finances classes are one of the best options available for a young person to prepare themselves for their financial future. Even colleges today don’t offer these types of comprehensive financial courses that are tailored for tomorrows consumer. Colleges do have courses in finance but they are mostly tailored for the business end of the financial system, not the consumer side.
Learn the Easy Way or the Hard Way
Sending a young person out in the world today without them having taken some type of online personal finance classes just means that they are going to have to learn their finance lessons the hard way further down the road in life. It won’t take long before they begin to learn their hard lessons either, because the world is more full of slick financial predators then at any time in its history.