2. Today you will learn about...  Understanding what finance is  Identifying financial services and products you will need throughout your life  Understanding credit  Avoiding debt

4. Day-to-day banking –Current and cheque account –Savings account –In-bank or on-line? –Credit Unions Loans Insurance Investments What are you signing for?

7. Cash Card Debit Card Credit Card Cheque Book

9. Credit card (Visa, MasterCard) Interest charged if balance not cleared Debit card (Visa, Switch, Maestro) Taken automatically from your bank account Charge card Account must be cleared each month Store card (Topman, M&S, Next) BIG INTEREST – absolutely must be cleared on time!

11. Storecard Typical interest rate Minimum payment Total interest cost Total amount repayable Time taken to clear debt John Lewis Account 13.00%£5 or 5%£38.21£238.213 years 3 months M&S Money Store 18.90%£5 or 3%£94.21£294.214 years 8 months B&Q You Can Do It 26.80%£4 or 4%£139.80£339.805 years 8 months House of Fraser Recognition 29.30%£4 or 4%£163.42£363.426 years 1 month Debenhams Account 29.90%£4 or 4%£169.61£369.616 years 2 months Topshop Privilege 29.90%£4 or 4%£169.61£369.616 years 2 months Argos Store25.90%£2 or 3%£284.79£484.7913 years Homebase Account 25.90%£2 or 3%£284.79£484.7913 years Source: thisismoney.co.uk

12. Easy to get into; difficult to get out of! Average household debt: £54,000 Average student debt: £9,400 Watch out for: Mortgages – loans – overdrafts – drink – drugs – loan sharks – charge cards –catalogues

13. DON’T BURY YOUR HEAD IN THE SAND! Communicate with your creditors Prioritise your debt Answer letters promptly Be honest with yourself