Citing studies showing most young people have "poor financial literacy" and leading with the story of a 29-year-old who can't budget, the article says, "Today's twentysomethings hold an average debt of about $45,000, which includes everything from cars to credit cards to student loans to mortgages."

At 26, I've accumulated $14,878 in student loans - not that bad compared to other students I've met, but not good considering I borrowed to get a graduate degree that I probably didn't need. That's my biggest blunder so far, but when it comes to money, older isn't necessarily wiser.

our questions are:
1. What can students do to avoid paying more and earning little to decrease their consumer debt?
2. Why are people not budgeting money as well as they used to? is it because the temptations of today are too flashy or is no one being taught how to save money?



Read more: http://articles.businessinsider.com/2012-05-07/news/31605305_1_retirement-plan-student-loans-mistakes#ixzz2DShwTLl6