Debt Next Slide © Annie Patton.

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Presentation transcript:

Debt Next Slide © Annie Patton

Aim of Lesson To learn what debt is, plus how to avoid getting into debt and how to deal with it. Next Slide Previous Slide © Annie Patton

Debt One is in debt, when they owe something to someone or to a business. Debt becomes serious when you are unable to pay that person or business on time. Next Slide Previous Slide © Annie Patton

Reasons for Debt Illness Unemployment A drop in income Increased expenditure Just not enough money to meet your lifestyle Relationship breakdown Next Slide Previous Slide © Annie Patton

How does one help their financial position, even if not in debt. Click here to see what the site below says about this. http://www.citibank.com/us/cards/cm/cntrol04.htm Next Slide Previous Slide © Annie Patton

Summary of how to help your financial position even if not in debt Make your own lunch and avoid eating out if possible. Use energy saving bulbs and switch of when not in use. Have breakfast at home. Avoid your regular treat. Give up smoking. Next Slide Previous Slide © Annie Patton

How can one avoid debt? Click here to learn some ways to avoid debt. http://www.citibank.com/us/cards/cm/ht06.htm Next Slide Previous Slide © Annie Patton

Summary of how to help avoid debt. Sale items are not a bargain, if you did not need them in the first place Consider do you really need those luxuries. Buy a second hand car from a reputable garage. Check bills for errors. Do your own ironing and gardening. Make shopping lists and stick to them. Compare prices before making big purchases. Buy used items and seconds when practical. Wear clothes until they wear out. Next Slide Previous Slide © Annie Patton

What can one do if they find themselves in debt? Assess the situation Budget Deal with the debt Make payments Next Slide Previous Slide © Annie Patton

Who can help? (Money, Advice and Budgeting service) MABS this is a organisation with offices in many towns and cities that offer financial advice. Do the Debt quiz to learn more about them. Debt Quiz Next Slide Previous Slide © Annie Patton

The end What is the best way to avoid debt? Previous Slide © Annie Patton