The Way Out!

No matter what, debt can never be completely erased as consumers will continue to seek credit wherever. According to the guardian, within the three months to the end of September after the launch of the debt relief order, 4,505 people were recorded to have taken out the government’s Debt Relief Order.

Throughout this research, it has been realised that the majority of consumers taking on credit are simply not aware of the implications of running a debt. Due to this, the government along side other organisations like Experian have taken steps to educate the public especially consumers on credit issues and debt.

An example is the launch of the Credibility game which is a virtual reality financial capability game aimed at educating young people about the importance of finance and how to manage finances. Other organisations like the Debt Advice Bureau, The Money Advice Trust and local Citizens Advice Bureaus’, My Debt Solutions UK to mention a few are constantly educating the public on debt and money issues, It is up to the consumer to seek help where they can, take advantage of the government’s debt relief programs as well as debt management and IVAs as a control measure.

Recommendations

In the light of this, it is recommended that consumers educate themselves greatly on financial issues. The knowledge of money and finance should not only be a thing for the man or woman in the city but for everybody including the little ones in schools.

It is okay to borrow money but be very careful. Make sure that you can afford to pay it back. Keep checking your credit report with credit expert and see what the creditors see. Pay your debts on time.

Acknowledgements

BBC, Guardian News Paper Money Blog esp. Jill Treanor, Capital One, Vanquis Visa, Halifax, Credit Expert esp James Jones(Consumer Education Manager), MoneyWise, Price Water House Coopers for providing information on Precious Plastic and the Insolvency Service.

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