A teenager’s problem isn’t finding a date for homecoming. It’s credit card debt.

“Many kids have ruined their credit by the time they are 16-years-old,” said Remar Sutton, co-founder of financial literacy company FoolProof, in a video on his company’s site that was quoted in a Denver Post article. “Bankruptcy for people under 25 now makes up a huge and growing portion of all bankruptcies.”

Parenting and financial experts say teaching children financial lessons early in life should begin during the potty training phase, according to the Denver Post. Not teaching children early may lead to unhealthy financial practices later in life, like mistaking a charge card for a credit card or overdrafting.

Some did not learn lessons early in life and paid for it later.

Jessica Streit filed for bankruptcy after graduating from college because she lacked the income to cover the $20,000 in credit card debt.

“I did not have any financial education growing up," Streit told the Denver Post. "I can remember learning to balance a checkbook in eighth grade, but that wasn't real."

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