Personal Finance Managing Debt. Aims & Outcomes To recognise reasons why people get into debt To develop strategies to avoid getting into debt To explore.

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Presentation transcript:

Personal Finance Managing Debt

Aims & Outcomes To recognise reasons why people get into debt To develop strategies to avoid getting into debt To explore solutions to debt problems

What sort of debt do people have? Credit Cards Student loans Car loans Store cards Personal loans Mortgage Rent Overdrafts Secured loans Unsecured loans Mobile phone Family/ friends Catalogues

Why do people get into debt? Kidding yourself - pretending you have more money than you do. Not keeping a control of what you spend. Not knowing how much you have or are spending. Borrowing too much. Losing your job. Death of spouse or breadwinner. Divorce or separation. Illness.

Why is it important to you? Credit/ Debit cards = 18 years old Driving licence = 17 years old Holidays Social life Clothing

How can debt affect young people? Emotionally Educational achievement Loss of job Cause conflict Lead to bankruptcy – this can cause all sort of problems with future credit and employment prospects

What would you do? Read the scenarios Discuss the scenarios in your group Answer the questions on the work sheet Feedback to the class