I generally agree with you, but when you have 18 years olds that their parents, teachers, counsellors, colleges, TV and websites all tell them to go into debt for college, its hard to blame the kids too much, especially since we don’t teach them personal finance in HS.
Should it really take a personal finance class? The vast majority of people on the planet have never had a personal finance class. And what can that class do, tell them don’t sign up for college debt unless you’re smart enough to make the money to pay it back? How about the kid who blows his money on hotrods, drugs and girls at 18, do we need to bail him out too?
And how about for their second, third, fourth and fifth years of debt—are they still somehow too idiotic to be responsible for that too?