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Education `the key to debt management`
20 September 2007
Many personal debt problems could be avoided by increasing financial education, an industry expert has claimed.
Better education for young people, together with increased information available for others, will help people "think seriously" when dealing with personal finance issues, Credit Action said.
Chris Tapp, deputy director at Credit Action, said that the current credit crunch is "helping people to wake up" about their financial situations as consumers can now see they cannot borrow money without thinking of the consequences.
Mr Tapp added: "If people were better educated as to the risks and people were able to manage their money more carefully than they do now, then that would go a long way to helping people stay more in control. I think that would be more effective than further regulation."
Figures from Credit Action show that the average consumer owes over £4,500 in credit cards and personal loans as of July 2007.
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