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Average 2012 Prom Tab: $1K+

If you have a teenager nearing prom age, hopefully you’ve got good credit. Between dresses, flowers, limo rides, and hairdos, the average family with a teenager is expected to plunk down a whopping $1,078 on prom this year, up from $807 last year, according to a new Visa survey spotted by USA Today. “This is social-arms-race spending,” says the head of Visa’s financial education programs. “It’s extreme.” Read more …

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