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Debt / Credit Repair - PERSONAL FINANCE - Lecture 4 notes £2.99   Add to cart
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  3. London South Bank University (LSBU)
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  5. London South Bank University
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  7. Personal Finance (BAF6PFI)

Lecture notes

Debt / Credit Repair - PERSONAL FINANCE - Lecture 4 notes
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Personal Finance is an option module for students studying Accounting and Finance. This document covers: background on debt, Bank of England, inflation post-Brexit, problem debt, debt advice, liberalisation of financial services, secured versus unsecured debt, types of credit, types of lenders, com...

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  • May 28, 2021
  • May 28, 2021
  • 9
  • 2020/2021
  • Lecture notes
  • -
  • Debt

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Module: Personal Finance


Lecture 4 – Debt


Learning Objectives
 The role of debt in society and economics
 The wide variety of lending products available
 The relative cost of different forms of borrowing
 The different circumstances when borrowing might be sensible or
inappropriate


Why do it?
It allows you to manage expenditure to match your needs.

There is a relationship between debt, borrowing credit and accounting.

Dr Expenses or assets
Cr Loan

A business will get a loan in order to grow their business.

People get loans to increase their assets or get it for expenses.


Developments in 1990s and 2000s
 Total household debt to income level peaked at about 150% in 2007
 Income had expanded but debt levels increased at an even higher rate
 Rising house prices encouraged homeowners to take out second mortgages
 Use of unsecured debt to fund holidays and special occasions rather than
using savings
 Often for home improvements
 Greater use of credit cards
 Consumers have continued to borrow more and more outside of essential
borrowing
 Essential borrowing: mortgage, student loan etc. It is where you take out a
loan to better yourself.




Bank of England

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