Secured loan could be the answer to mounting debt
30/10/2008As new research suggests parents and teachers are worried about the lack of financial awareness among children, people who are already struggling with debt may find a secured loan can help them take control of the situation.
Nationwide conducted a study which revealed 62 per cent of parents with kids aged between four and seven are worried their offspring will experience money troubles in later life.
Meanwhile, 18 per cent of parents and teachers think their children and pupils have no concept of managing finances.
In addition, 66 per cent of the adults questioned wished they had been given more information on money matters when they were young.
Commenting on the findings, Tony Prestedge from Nationwide said: "We want to see children of all ages leaving school with the tools and the knowledge to help them make sound financial decisions."
For people who have already completed their education and have found themselves with mounting credit card debts, a secured loan could be the answer.
Secured loans can pay off what people owe and reduce the amount of interest borrowers need to scrape together, as their house is used as security and lenders are usually prepared to offer competitive rates.
 © Adfero Ltd
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