For the record, "financial literacy" is a great goal. However, you should never assume someone is in debt because they're "financially illiterate." Life happens and emergencies occur even to the savviest people. "Literacy" only goes so far.

2. I'm a well-educated person. I'm a finance writer. Yet four years ago, a medical emergency landed me in the hospital. The hospital was out of network, and I ended up with $30,000 in medical bills. Despite being financially literate--I was suddenly swamped with debt.

3. My history with debt isn't unique. A sudden job loss, illness, accident, and many people would end up in substantial debt. Calling them illiterate isn't just unfair, it's downright cruel.