Debt Management Help
Sep 22, 2006
The government has published a report which outlines new measures designed to help people who are struggling with debt.
The Over-Indebtedness Annual Report released by the Department for Trade and Industry includes new measures for the credit industry as well as plans to educate children and adults about debt management.
An online Debt Test is to be launched to help people assess their own financial capability, while basic financial skills will be introduced into GCSE maths in England from 2008.
The report also outlines new measures designed to provide breathing space to people who want to repay their debts, while £45 million of funding will be provided for more face-to-face debt management advice around Britain
However, some experts have claimed that the plans for financial education in schools do not go far enough to address the problem of debt. "The proposal that financial education will form ten per cent of 'functional maths' means in practice that personal finance will form just 7.5 hours of study over two years" said Anne Kiern, head of wider financial learning at the IFS School of Finance. "Clearly spending less than four hours a year studying personal finance is not going to improve the financial capability of future generations and will in turn do nothing to address soaring levels of over-indebtedness in the UK." Total UK personal debt reached £1,228 billion at the end of June 2006, according to Credit Action.
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