Sonia Anderson spent more than two decades working in the credit card counseling and debt management industry. Along the way, she noticed a trend among young borrowers: Credit default happens for many in their late teens or early 20s because of poor budgeting skills. That leads to a vicious cycle of debt that follows them throughout their lives.
When the Southern Nevada resident retired, she became active in credit and budget management education, realizing one way to limit the cycle of poverty was through teaching children responsible credit practices at a young age. If teens know the basics of managing their money before they are issued credit, they are less likely to misuse it.
Anderson, who grew up in Guyana, a small nation on the northern mainland of South America, said nobody in her family before her received a formal education, but “with just a little bit of help and encouragement and guidance, I was able to succeed.”
“I wanted to pay it forward. I wanted to give back,” she said.