Counting the Cost of Credit (February 2009)

Can you really teach people to be better with their money? That’s what a new initiative (launching today) in Wales is going to try and find out. ‘Taking Everyone into Account’ is going to try and help people tackle debt and manage their money better.

Many commentators have partly blamed the huge personal debt we have run-up in this country for the current financial crisis and so it certainly seems wise for the government(s) to help us all get better at our personal finances. But do some people just not get this subject?

As a training company we would hope this is not the case (and the finance courses we run have never come across anyone who didn’t learn how to change the way they look at this area and improve their skills) but we have to wonder if some people don’t want to think about the potential time bomb of, for example, interest free credit. It’s easy to go and buy a flat screen TV for hundreds of pounds on credit and force yourself to try and forget the consequences but I for one very much believe that knowledge is power and this applies to personal finance as much as any other subject/topic.

So we at Bluewood say good luck for the new initiative and hopefully this one will finally do some good!

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