Wave Of The Future Program

As a non-profit organization, DebtWave Credit Counseling, Inc. is dedicated to educating its community on credit, debt, and other finance-related issues. With the growing number of bankruptcies and the average amount of debt per household continually increasing, our role is to teach the community how to get a better grasp of their financial situation. Specifically, DebtWave is concentrating on educating the future of America – our kids.

We have recognized the fact that most financial troubles begin shortly after high school. According to a study done by Sallie Mae’s report, How Undergraduate Students Use Credit Cards: Sallie Mae’s National Study of Usage Rates and Trends, 2009, college seniors with at least one credit card graduated with an average of $4,138 in card debt, up 44% from 2004. By comparison, freshmen's average credit card debt jumped 27% to $2,038. And nearly 10% of them owe more than $7,000. With this knowledge, our goal with this program is not to just stop the bleeding, but to prevent it from ever happening.

“Wave of the Future is a program that was developed to teach students about debt and credit using real life situations,” comments Chase Peckham, Director of Community Outreach. “Our schools do a terrific job teaching our youth the core subjects of math, English, science, etc. but I believe it is equally important to give them the information and understanding of the significance of credit cards, budgeting and debt that they will need in the very near future.”

Other vital statistics about young people in debt:

• According to a 2004 survey conducted by the Jumpstart Coalition, about one out of every three high school seniors uses a credit card, and half of those have cards in their own name.

• More than 84% of college students have at least one credit card (2009).

• Freshmen carried a median debt of $939, nearly triple the $373 in 2004. Only 15 percent of freshmen had a zero credit card balance, a dramatic drop from 69 percent in the 2004 study.

• Sixty percent experienced surprise at how high their balance had reached, and 40 percent said they have charged items knowing they did not have the money to pay the bill.

• Only 17 percent said they regularly paid off all cards each month, and another 1 percent had parents, a spouse, or other family members paying the bill. The remaining 82 percent carried balances and thus incurred finance charges each month.

• Nearly 94,000 people under the age of 25 filed for bankruptcy last year (2003).

To find out more about this program or to schedule a visit, contact us via email at education@debtwave.com or call (888) 285-7624 ext 6.