Discuss the problems of debt with your children. They may not be aware of the dangers, and while you may feel they have time to learn about it, the reality is that children grow up quickly and if they don't get an opinion about unsecured credit card debt from their parents, they will probably get one from their friends or learn the hard way.

Make it a family matter to pay for things before buying them rather than borrowing to acquire them. Then discuss it with your children. Run some numbers on how much things really cost once you factor in interest. When children become aware of the problems of debt from a very young age, they avoid those problems in real life later on.

That can be even more valuable than a college education - and a whole lot cheaper!

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