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

Published byGillian Holt Modified over 8 years ago

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Presentation on theme: "Personal Finance Managing Debt. Aims & Outcomes To recognise reasons why people get into debt To develop strategies to avoid getting into debt To explore."— Presentation transcript:

1 Personal Finance Managing Debt

2

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

4 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

5 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.

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

7 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

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

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