A significant issue for many people today is the management of borrowing and debt. Last week, The Insolvency Service reported there were over 26,000 individual insolvencies in England and Wales in the second quarter of 2006, a staggering 66% increase on the same period of 2005. KPMG have predicted a record number of personal insolvencies of more than 100,000 in 2006.
Changes in social patterns and use of money appear to be leading to a greater encouragement to and tolerance for personal debt. This appears also to start earlier in the life course with student debt.
On this basis, Life Academy is developing a new module on Debt Management for their Learn About Money education programme. Learn About Money aims to help people to understand their finances - to release them from financial paralysis. The new Debt Management module is designed to enable people to manage their debt more effectively.
After studying the module, people will:
- understand what debt is
- understand how people get into debt
- know how to deal with organisations that are owed money (creditors)
- understand how to change their money and borrowing behaviour
- be clear about the options for getting out of debt.
The new module will be available in the 2006 edition of the Learn About Money workbook, to be released in September.
