The debt lesson not learned

A new law aims to protect and educate college students on the dangers of credit card debt by outlawing enticing goody giveaways like pizza and iPods on campus in exchange for completing credit card applications. Colleges and universities that enter into credit card deals also are required to offer a financial education program for students designed to inform and warn them on the dangers of debt.

The educational program must include:
“an explanation of the consequences of not paying credit card balances in full within the time specified by the billing statement, including an explanation of the methods employed by credit card issuers to compute interest on unpaid balances; ...”

“examples illustrating the length of time it will take to pay off various balance amounts if only the minimum monthly payment required under the agreement is paid; ...”

Hmmmm ... I wonder what group of people I could think of that would benefit most from such information. Oh yeah, the lawmakers that are requiring those classes be offered. You know, the lawmakers who approved a budget balanced by borrowing money that they're not sure how to pay off because they've spent more than they can afford and don't know where to cut and can't figure out how to pay off crippling past debts that keep getting rolled over for future generations.