Fancypants Posted November 20, 2006 Share Posted November 20, 2006 plans for financial literacy Tories outline debt-busting plans George Osborne Mr Osborne wants to improve financial literacy The Conservatives are to propose measures to tackle Britain's growing personal-debt crisis, including making changes to the home-credit market. The plans, to be unveiled by shadow chancellor George Osborne, include a seven-day "cooling off" period for store cards. Speaking at a Tory-led summit he will also propose lessons in financial management for all 11 to 18 year-olds. Experts and leading figures from the debt sector will also be speaking. Mr Osborne is expected to say government, organisations and individuals must work together to fight the debt crisis. "It is increasingly clear Gordon Brown has not done enough. Insolvencies are up, bankruptcies are up, and the numbers of people struggling to cope are up," he will say. People need to be better informed about financial matters in order to avoid getting into unmanageable debt Teresa Perchard, Citizens Advice Bureau Under the proposals, home-credit companies would be required to share credit-history data on their customers. The Conservatives believe this would introduce more competition into a market, which is worth £3bn a year. Mr Osborne will say the plan for store cards would "give consumers the opportunity to think about whether other forms of credit, such as an overdraft extension or conventional loan, might be more appropriate". Lessons for school students on money management would help counter "low levels of financial literacy" among the young, he will say. Unmanageable debt Mr Osborne is also due to call for tighter restrictions to be placed on Individual Voluntary Agreements (IVAs). These are legal contracts between lenders and borrowers to pay off a reduced amount of a debt, but can leave the consumer with a poor credit rating. He will add that clearer explanations on credit-card statements are needed to show consumers the cost of the debt they are running up. People have got to take responsibility for managing their own affairs British Chambers of Commerce director general David Frost Citizens Advice Bureau policy director Teresa Perchard said: "People need to be better informed about financial matters in order to avoid getting into unmanageable debt." But she added there was also a "strong responsibility on lenders to look thoroughly at a person's ability to pay before giving them credit". British Chambers of Commerce director general David Frost said limits on store cards would not work. "You don't have to take out a store card. There is clearly an issue here of personal responsibility," he told the Sunday Telegraph newspaper. "People have got to take responsibility for managing their own affairs." Quote Link to comment Share on other sites More sharing options...
CrashedOutAndBurned Posted November 20, 2006 Share Posted November 20, 2006 The Tories telling people NOT to spend money they don't have? Are then no longer the natural party of business, then? Quote Link to comment Share on other sites More sharing options...
dnd Posted November 20, 2006 Share Posted November 20, 2006 Jeez, the older I get the more I agree with their views... Quote Link to comment Share on other sites More sharing options...
Fancypants Posted November 20, 2006 Author Share Posted November 20, 2006 Jeez, the older I get the more I agree with their views... yeah, its more than slightly worrying isn't it! Quote Link to comment Share on other sites More sharing options...
steve99 Posted November 20, 2006 Share Posted November 20, 2006 This is not Tory talk, they will conveniently forget about this after a couple of trips to the posh brothel and a round or two of golf with a few big wigs from the CBI. Quote Link to comment Share on other sites More sharing options...
sam Posted November 20, 2006 Share Posted November 20, 2006 plans for financial literacy Tories outline debt-busting plans George Osborne Mr Osborne wants to improve financial literacy The Conservatives are to propose measures to tackle Britain's growing personal-debt crisis, including making changes to the home-credit market. The plans, to be unveiled by shadow chancellor George Osborne, include a seven-day "cooling off" period for store cards. Speaking at a Tory-led summit he will also propose lessons in financial management for all 11 to 18 year-olds. Experts and leading figures from the debt sector will also be speaking. Mr Osborne is expected to say government, organisations and individuals must work together to fight the debt crisis. "It is increasingly clear Gordon Brown has not done enough. Insolvencies are up, bankruptcies are up, and the numbers of people struggling to cope are up," he will say. People need to be better informed about financial matters in order to avoid getting into unmanageable debt Teresa Perchard, Citizens Advice Bureau Under the proposals, home-credit companies would be required to share credit-history data on their customers. The Conservatives believe this would introduce more competition into a market, which is worth £3bn a year. Mr Osborne will say the plan for store cards would "give consumers the opportunity to think about whether other forms of credit, such as an overdraft extension or conventional loan, might be more appropriate". Lessons for school students on money management would help counter "low levels of financial literacy" among the young, he will say. Unmanageable debt Mr Osborne is also due to call for tighter restrictions to be placed on Individual Voluntary Agreements (IVAs). These are legal contracts between lenders and borrowers to pay off a reduced amount of a debt, but can leave the consumer with a poor credit rating. He will add that clearer explanations on credit-card statements are needed to show consumers the cost of the debt they are running up. People have got to take responsibility for managing their own affairs British Chambers of Commerce director general David Frost Citizens Advice Bureau policy director Teresa Perchard said: "People need to be better informed about financial matters in order to avoid getting into unmanageable debt." But she added there was also a "strong responsibility on lenders to look thoroughly at a person's ability to pay before giving them credit". British Chambers of Commerce director general David Frost said limits on store cards would not work. "You don't have to take out a store card. There is clearly an issue here of personal responsibility," he told the Sunday Telegraph newspaper. "People have got to take responsibility for managing their own affairs." PEOPLE HAVE GOT TO TAKE RESPONSIBILITY FOR MANAGAING THEIR OWN AFFAIRS. That statement is nearly meaningless in todays debt culture and more importantly to us, property market. Many of us have been sensible, we know that borrowing the sums that we need to borrow will leave us in financial ruin in the next decade, we have been responsible and are now having to bite our tounges. Those that have not been responsible(ie someone i know who got a £220k self cert mortgage on a £22k wage) are today living in the homes we should be living in, because they had nothing to loose, the banks were willing to lend the crazy sums of money, and they went for it. Of course they will eventually be found out, but how long must we wait before we find out, 5 years, 10 years, LONGER. The simple fact is that if a Bank was willing to lend a million quid to anyone on a £20k wage, there would be those that would take the offer up, the Lenders and Government making statements like we should be responsible are pointless, even though most would be, the idiots take evryone else down with them. Quote Link to comment Share on other sites More sharing options...
PropertyGuru Posted November 20, 2006 Share Posted November 20, 2006 all as bad as each other. Quote Link to comment Share on other sites More sharing options...
dnd Posted November 20, 2006 Share Posted November 20, 2006 (edited) Tory Plans to tackle debt http://news.sky.com/skynews/article/0,,301...3552831,00.html Shadow Chancellor George Osbourne "An economy built on borrowed money is an economy built on borrowed time." ...and here is a picture of him laughing in a very natural, human way... Edited November 20, 2006 by dnd Quote Link to comment Share on other sites More sharing options...
Rain'ard Posted November 20, 2006 Share Posted November 20, 2006 Tory Plans to tackle debt http://news.sky.com/skynews/article/0,,301...3552831,00.html ...and here is a picture of him laughing in a very natural, human way... Now there's another Gordon Brown, If ever I've seen one. Quote Link to comment Share on other sites More sharing options...
jp1 Posted November 20, 2006 Share Posted November 20, 2006 Now there's another Gordon Brown, If ever I've seen one. I think it will take till the next generation to find a chancellor as bad as Gordon Brown. The sooner George Osborne is Chancellor of Exchequer the better! Quote Link to comment Share on other sites More sharing options...
hankdd Posted November 20, 2006 Share Posted November 20, 2006 Jeez, the older I get the more I agree with their views... The old saying 'If you are not a Socialist at twenty you have no heart, if you are not a Tory at forty you have no brain' Probably a Tory saying, but I can feel myself slipping now and again. Quote Link to comment Share on other sites More sharing options...
jp1 Posted November 20, 2006 Share Posted November 20, 2006 Probably a Tory saying, but I can feel myself slipping now and again. Im pretty sure its a French one, but along lines of not a socialist@20=no heart/socialist @40=no brain Quote Link to comment Share on other sites More sharing options...
Snagger Posted November 20, 2006 Share Posted November 20, 2006 If you are not a liberal at twenty, you have no heart. If you are not a conservative at forty, you have no brain. - Winston Churchhill http://www.quotationspage.com/quote/27253.html Quote Link to comment Share on other sites More sharing options...
Mancghirl Posted November 20, 2006 Share Posted November 20, 2006 I'm a teacher. The financial literacy qualifications have been proposed, the exams piloted and teaching of 'financial awareness' will be compulsory soon. Erm...........thanks for your input, Tories. NuLab do this all the time, announce 'great new ideas' for Education that are already happening. It makes them feel useful. :angry: :angry: :angry: :angry: :angry: Quote Link to comment Share on other sites More sharing options...
Garry AKA Pod Posted November 20, 2006 Share Posted November 20, 2006 Sounds good to me. Too many people still need their @rces wiping for them, in many walks of life. Quote Link to comment Share on other sites More sharing options...
Swamp_Beast Posted November 20, 2006 Share Posted November 20, 2006 Tory Plans to tackle debt http://news.sky.com/skynews/article/0,,301...3552831,00.html ...and here is a picture of him laughing in a very natural, human way... yes, saw him on working lunch, managing to speak for about 5 minutes without actually saying anything much. Another smarmy git, im sure he'll go far... Quote Link to comment Share on other sites More sharing options...
ImA20SomethingGetMeOutOfHere Posted November 20, 2006 Share Posted November 20, 2006 I'm a teacher. The financial literacy qualifications have been proposed, the exams piloted and teaching of 'financial awareness' will be compulsory soon. Erm...........thanks for your input, Tories. NuLab do this all the time, announce 'great new ideas' for Education that are already happening. It makes them feel useful. :angry: :angry: :angry: :angry: :angry: What year group is this for? I'd love to have a go at teaching this. Starter for lesson one: "OK class, who can tell me where money comes from?" Quote Link to comment Share on other sites More sharing options...
christhpc Posted November 20, 2006 Share Posted November 20, 2006 Financial management lessons from age 11? Gimme a break. How ******ing depressing. From age fourteen or fifteen perhaps, but age 11? Sick. Quote Link to comment Share on other sites More sharing options...
subsidiser Posted November 20, 2006 Share Posted November 20, 2006 Financial management lessons from age 11? Gimme a break. How ******ing depressing. From age fourteen or fifteen perhaps, but age 11? Sick. Why don't they teach em proper subjects like economics? Furthermore borrowing is not all bad, squandering is bad. Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted November 20, 2006 Share Posted November 20, 2006 Another smarmy git, im sure he'll go far... In comparison he makes Oliver Letwin an economic genius, as well as a dead wringer for the young Columbo. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.