Home > News > Bankruptcy

Debt in Swindon `on the rise` New debt management option "a positive step" Consumers `should get advice over IVAs, bankruptcies and DROs` Women `less likely to file for bankruptcy` Councils `filing for bankruptcy for those who fail to pay tax` Consumers lying about finances Rise in bankruptcies revealed Scottish bankruptcies on the rise, new figures suggest Borrowers `accruing more debt before seeking IVAs` Bankruptcies `high in south-west` Landlord bankruptcy enquiries `on the up` Increase in bankruptcy figures for another CAB Bankruptcy "best option" for some households 90% "choosing to `jump before they were pushed`" R3: Bankruptcies and IVAs to rise over next 12 months Insolvencies rise for automotive companies Fuel price hike sparks bankruptcy fears London bankruptcies have "quadrupled" Government department identifies fall in bankruptcy levels Insolvency figures `hide true extent of debt problems`

New classes `teach children how to avoid bankruptcy`

09/07/2007

New financial education classes for children between the ages of 11 and 16 are set to be announced this week, it has emerged.

The change to the curriculum is a response to worries that young people are not prepared to manage their debts and avoid bankruptcy or insolvency once they leave school.

Ed Balls, the new secretary for children, families and schools, said that a new subject known as "economic wellbeing and financial capability" would prepare youngsters for the future.

However, the opposition pointed out that the current £1.25 trillion of consumer debt is the root cause of the problem and should be addressed.

"There is a certain irony that, after presiding over changes to student finance, tax rises and a massive increase in housing costs, the government is now lecturing the next generation on how to handle debts which ministers have saddled them with," Michael Gove, the shadow schools secretary, remarked.

It was recently reported that a book called On the Money has been brought into Scottish primary schools to introduce the principles of debt management from an early age.

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according