Table of Contents

Foreword 5

Introduction 7

Chapter 1 How Should Teens Manage Debt?

1 The Government Should Help Young People Avoid Debt Liz Pulliam Weston 11

2 Parents Can Do a Better Job of Teaching Their Kids About Money Sheryl Nance-Nash 18

3 Teens Should Be Given Credit Cards at Age Sixteen Roger Fortuna Katie Escherich 23

4 Debit Cards or Prepaid Cards Are a Better Alternative than Credit Cards for Teens Nancy Trejos 29

5 Editorial: Higher Education Is Not a Bubble: The Stanford Daily 34

6 Borrowing for College Is No Longer a Good Investment Alan Nasser Kelly Norman 40

7 Student Loans Should Be Eligible for Discharge Through Bankruptcy Jennifer Epstein 50

8 Student Loans Should Not Be Eligible for Discharge Through Bankruptcy Alfred Edmond Jr. 56

Chapter 2 What Are the Best Ways to Manage Consumer Debt?

1 The Credit Card Reform Act Has Been Effective Jennifer Liberto 62

2 The Credit Card Reform Act Has Limitations Tony Mecia 67

3 The Government Should Place Restrictions on Payday Loans Ray Fisman 72

4 Restricting Payday Loans Can Hurt Consumers Todd Zywicki Astrid Arca 79

Chapter 3 Who Should Be Responsible for Paying Off Debt?

1 The US Government Must Raise the Debt Ceiling William Gale 86

2 The US Government Should Not Raise the Debt Ceiling Dewy Murdock 90

3 Parents Should Be Cautious in Paying Off Their Children's Debts Sarah Angle 97

4 Son, Can You Spare a Signature? Kids Co-Sign for Credit Strapped Parents Lyneka Little 103

Facts About Debt 109

Organizations to Contact 113

For Further Reading 121

Index 124

Picture Credits 130