A new state law requires financial literacy education for Kentucky students According to the U.S. Federal Reserve and Census Bureau, American households owe an average of $16,425 in credit card debt. The average college grad today has $37,172 in student loans. Roughly one in four adults are paying on student loans. Seven million have stopped paying altogether. At the national level, our government is $21 trillion in debt which amounts to $64,000 for each American. It's clear that we're addicted to debt. The Proverbs remind us "the borrower is slave to the lender." And who wants to be a slave to anything? The good news is that teachers will now begin to emphasize thrift, responsible financial management and avoiding debt. It's a message not just for students but one that we all need to hear.