SCV teens learn how a $7 pizza can cost $93

Valley News reports:

McDonalds sponsors Money Talks program for third year, teaching teens that a $3,000 credit card can cost $37,000 in interest over 110 years and a $7 pizza can cost $93 with service charges

Young adults today are quickly getting into financial trouble. College students are getting bad grades, dropping out of school, and defaulting on student loans. They're losing jobs and future job opportunities because they're ruining their credit ratings. They're filing bankruptcies at records rates - and they don't realize student loans can't be included. They're moving back in with parents again and again - and parents are spending their own retirement funds trying to bail them out. Even worse, though, is the psychological impact of debt on today's young adults. It can result in depression, substance abuse, even suicide.

Nearly 7 percent of U.S. personal bankruptcies are filed by young adults under the age of 25. More than 64 percent of college graduates will move back in with mom and dad; and according to financial aid company Nellie Mae, 80 percent of those college graduates owe almost $20,000 in student loan debt and another $3,000 to $7,000 in credit card debt - with no guaranteed job upon graduation.

And less than 15 percent of all high school graduates ever take a personal finance class. So, we have to teach them about money. It's no longer an option.

The cost of debt.