Teenage American consumers spent a mind-boggling $159 billion last year on everything from movies and French fries to clothes and iPods. Experts say teens are spending more than ever before because they have more to spend. About 10 percent of teens have credit cards, nearly twice that number have debit cards and about 20 percent get money simply by asking their parents for it. Consumer advocates - as well as rappers and professional football players - say kids aren't learning how to use "plastic" wisely. In fact, parents themselves are setting poor examples. Credit card loan delinquencies are at record levels, while Americans' saving rate is at an all-time low. Critics say the credit card industry is too aggressive in marketing to younger and younger kids. The Bush administration and some members of Congress are pushing for more financial-literacy courses earlier in schools. Meanwhile, only a few states require schools to teach personal finance.

Pamela M. Prah is a veteran reporter who recently joined CQ Researcher after several years reporting in Washington for Stateline.org, Kiplingers Washington Letter and the Bureau of National Affairs. She holds a masters degree in government from Johns Hopkins University and a journalism degree from Ohio University.