Smiling from ear-to-ear, Morgan K. spoke gleefully about his recent personal loan approval. “I don’t understand why people get so stressed out about money. Just take out a loan. It’s so easy. I found this one in no time.”

Asked whether or not he shopped around for a rate, Morgan responded, “What’s the difference? Banks are banks, right? This lender gave me a free beer cooler as a bonus. Try to top that!”

With U.S. household debt hovering around $12.56 Trillion, predatory lending – and the incredibly high-interest rates that go along with it - make paying off loans nearly impossible for consumers.

When asked if he was concerned about the high APY associated with this loan, Morgan responded. “I don’t know what APY stands for, but I do know what YOLO means, and I want my man-cave finished before football season.”

While this scenario IS a joke, it is inspired by a real problem consumers are facing.

Consider these stats

• 51% of those asked, said that a “money management” high school course would be the most beneficial to their personal lives. - National Financial Educators Council

• Two-thirds of American’s cannot pass a basic financial literacy test. - Fortune

• 54% of Millennials say that debt is their biggest financial concern. – National Financial Educators Council

• The average interest rates for personal loans vary between 10%-28% depending on your credit score. - Value Penguin (2017)

• The average U.S. household has over $16K in credit card debt. - NerdWallet

Source: NerdWallet

While the current state of financial literacy may seem bleak, there are plenty of great resources out there that can help arm you with good financial sense. 

Check out these financial literacy resources

• Typically, finance doesn’t get a reputation for being most exciting subject in the world. These sites, however, inject some personality and humor into the mix, which make the road to “financial literacy superstar” much more enjoyable.

• Wondering what your payments or APY might be if you were to take out a loan? The NerdWallet loan calculator is a great tool that can help you understand, and plan what your finances will look like if you were to take on more debt.

• Ever come across a financial definition that left you scratching your head? We’ve totally been there. We put together the ABC’s of finance  to help us avoid that feeling.

• It’s important for parents to teach strong financial lessons from an early age. Doing so can help build confidence for your child and help you avoid that post-graduation call, “Hey mom and Dad – do you think I could borrow some money?” These financial literacy lessons  can help close some of those learning gaps without putting your kids to sleep.

• Still searching for more? LifeHacker put together another list of free resources can help you step your money game up.

No matter how financial literate (or illiterate) you may feel, there is always an opportunity to change your financial situation and outlook. All it requires is some research and a commitment to bettering yourself.

Do you have any financial lessons you live by? We want to hear how you learned them!

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