States start to require courses in financial literacy

I don't think the financial literacy course has to be mandatory, but should at least be available as an elective to those who want it. Some of the simple basics could be taught in an general economics course also.

If people are uneducated, then they are at the mercy of the banking and credit industry, and then there is a massive need for all kinds of consumer protection bureaucracies so we can live our lives in mindless bliss while our nanny government takes care of us.

If you borrow money - You'll need to pay it back --- what an amazing conclusion!

Yes - there's lots of ways you can structure loan payments - and some are more expensive than others. I suppose literacy plays a role, there.

But people making $50,000/yr --- buying $500,000 homes --- is not a matter of financial literacy. It's a matter of foolishness.