Tuesday 25th of May 2010
Asking individual voluntary arrangement (IVA) questions could be an option if you want to demonstrate to your kids that hard work and discipline are essential to help people out of the red.
Founder of Moneymagpie.com Jasmine Birtles explains the recent economic downturn has led to British children becoming more interested in money management.
If you’re in a lot of debt, however, you may want to show your young ones the problems that arise when you owe money and action that needs to be taken to sort out financial troubles.
Which could include asking IVA questions.
IVAs require around five years of hard work, but result in unsecured debts on credit cards and personal loans being wiped out if successfully completed.
And this could serve as a message to your offspring that although it’s very easy to slip into the red, getting out isn’t quite so simple, potentially reinforcing the importance of good financial management.
"[Children] are getting a bit more of a sense that money doesn’t grow on trees and if they really want something then they are probably going to have to buy it themselves and have to earn it," Ms Birtles says.
By Mark Waterman
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- Single Brits may benefit from seeking IVA answers
