It has been a problem that has been building in the UK since the introduction of the first credit cards in the UK in the 1960’s. Personal debt has soared to point now where the average debt held by an individual in September 2011 is £7388, excluding mortgages, according to MoneySupermarket.com.
With 8% of people spending 80% of their income paying off loans in the worst scenarios, is it time to start teaching people how to avoid debt before they get themselves into it?
Obviously some debt is good. Financing a major purchase such as a car or furniture is necessary and requiring a significant outlay, is fine.
But using credit card to fund everyday living such as clothes, food, holidays and gadgets when the habit is not to pay off the full balance of a credit card in full every month, is behaviour that can only signal trouble ahead.
People use credit to buy things which will enhance their wellbeing, or to enhance it in the eyes of others. Put another way, it can be about spending money you don’t have to buy things you don’t need to impress people you don’t like.
Credit cards essentially have three balances. There’s the one charged when you buy something. Then another when you transfer a balance from another card, often at a cheap interest rate as a promotional tool. And then there is the one for cash withdrawal.
This last is really a sign of desperation. Put it this way, a preferable alternative may be selling a child’s kidney.
Why? Because when you pay the minimum balance, only the balance with the lowest rate of interest is affected, and cash carries a premium interest rate meaning it may be years before you get to pay any of it off.
Understanding how it works, and how to avoid debt is a fundamental lesson for our young people to understand, plus by not having it, they’ll feel richer, and consequently better.
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Parents with children, who are going to high school, are sure to find it difficult to pick the correct subjects for their children. This is mainly due to the amount of subjects that are available, all of which offer advantages and disadvantages. However, from all of those, there are a few that appear in the prospectus of every pupil at high school, and we are going to discuss them in the next few paragraphs.
Chemistry is a subject that is in the core of many fields and future study opportunities. For example, pupils who wish to proceed with medicine, advanced chemistry, or biology are required to have passed the first levels of chemistry with the best marks possible. Also, because this is a constituent of many university courses, such as medicine, pupils find it almost necessary to take it.
Physics is in the core of all engineering degrees, so many decide to take this subject as it will give them a better chance at going to the university of their dreams. Pupils who decide to go into engineering degrees without previous experience in physics are far less likely to get accepted.
If your child plan on going to university after they finish school, there is no better way to improve their application than by getting a good score in mathematics. Not only will it be part of their study in university, but also it will be part of a big number of their entry tests. However, keep in mind that the aforementioned are just some of the reasons why mathematics is one of the most popular subjects in school.
Biology is another core subject that gives many advantages to the pupils who take it. With it, they can continue into further studies into the field of Biology as it is one of the best accreditations to see on an application for medicine. In addition, its popularity is greatly enhanced by the subject’s useful and fun nature!