Money My Way - Dealing with debt
Dealing with debt can be really difficult, especially if you have other bills to pay or things to buy. This page is full of useful tasks, tools and resources to help you deal with debts in the best way you can.
Task 1: What does 'Debt' mean?
It's important to know about the different types of debt there are, so that you can be aware of how to avoid them, or how to get out of debt if you're already in trouble. Make a list of the different types of debt you know about.
When you've made the list, take a look at the Step Change website below. On the left hand side, you'll see a list of different types of debt. How many match up to the ones you wrote down?
Task 2: Prioritise Your Debts
If you have a few debts to pay, you'll have to think about which ones are the priority. Should the largest or most expensive debts always be paid off first?
Take a minute to rewrite the list you made in task 1. Group the types of debt you listed into 'priority debts' and 'non-priority debts'. When you've done that, follow the link to the Money Advice Service below, and compare what you listed as 'priority' debts to what's listed on the website.
Task 3: Getting Help
If you're facing a debt emergency, the Money Advice Service website has information about where to get free debt advice, and how to talk to the people you owe money to.
It's important to know where to find this information, so go back to the Money Advice Service Website. By reading the information on the website, list 3 places you could get free debt advice.
Task 4 (extension task): Find Out More
There are lots of options available to you when you're paying off your debts. Follow the National Debtline link below and have a look at the sections in Step 4. Don't worry, you don't have to read all of the information! Just focus on the bits that interest you.
Money worries are one of the leading causes of stress. Step Change with Mental Health Foundation together can support you tackle debt and stress.
The GOV.UK website has a simple tool to help you understand which options are available to you to help manage your debts.
Session Plan For Tutors
If you're a tutor, you might find it useful to use the session plan below to support this topic.