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Education 'could stop people getting in debt'

People could avoid getting into debt if they were better educated in personal finance issues, according to a support group.

National Debtline said that many people across all income levels lack an understanding of basic finance issues, leading to them borrow more than they can afford.

Beccy Wilks, press officer for the group, commented: "They didn't understand what the implications were, what the costs were.

"If they knew all those things they could have got the right product for them and they would have been fine."

Ms Wilks added that personal finance issues need to be taught in schools to make people aware of what terms such as equity mean.

This would have the long-term benefit of making consumers aware of what sort of things to look for later in life and reduce the debt mountain.

According to the Personal Finance Education Group, Britain's overall level of consumer debt is more than £1.25 trillion.

The organisation is campaigning for schools to deliver personal finance education as part of the national curriculum.

Click here to see how much you could borrow with a Lombard Direct personal loan.

08/03/2007 16:22:39

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