Understanding the Credit Industry key to new Government curriculum
Educating children could avoid future debt issues, says Callcredit
Credit reference agency Callcredit believes today's announcement that the new Government curriculum will help school children tackle personal finance issues is a step in the right direction.
Director of Industry Relations at Callcredit, Melanie Mitchley says:
"Callcredit welcomes the news that personal finance issues are to be addressed in the new Government curriculum. Educating young people about taxation, credit card debt, how to buy a house and the importance of savings is key to their future success and financial well being. Currently, the UK's debt mountain stands at over £1 trillion, with IVAs and insolvencies on the rise. By educating the next generation early and making them aware of these types of issues, the debt problem can be tackled."
The proposed subject areas include credit cards, debt issues and how to buy a house. Integral to any of these is your credit report. The information it holds plays a key part in a lender's decision as to whether or not to give you the loan or mortgage you desire. It also allows you to make more informed decisions as to whether or not you can really afford that extra card or loan repayment.
Recent Which? research has shown that 7 in 10 people do not check their credit report at all, which shows just how few people in the UK are really aware of its significance.
"We would be happy to help the Government in developing materials relating to the credit industry. Knowing how to build up a good credit rating and how to manage your credit profile are good lessons to learn, to ensure future financial stability".