We’re living in a world where Covid-19 has reaped havoc and left many people in the UK struggling with their finances. As we slowly begin to recover from the pandemic, there’s no better time for companies, specifically credit providers, to provide some form of financial education to their customers.
It seems that credit providers are in a unique position to do this as they are usually the first to know when one of their customers are under financial pressure.
Debt education is arguably one of the most important life skills that most people don’t have the luxury of being taught whilst growing up. Gathering knowledge about debt, its causes and ultimately, how to avoid bad debt, is an important part of a person’s life. At some point in our lives, it will be necessary to go into debt, whether that be to buy a house, a car or whatever the case may be.
Credit providers are extremely well-positioned to help educate customers on a number of things including, how to budget, improve their credit score and how to manoeuvre through a cash flow crisis. Developing healthy financial habits are vital in order to maintain a good financial well-being.
Educating people about debt solutions
The unfortunate truth is that the majority of people who are struggling with debt are completely unaware that there are companies that provide formal debt solutions like Individual Voluntary Arrangements (IVAs) that can help them manage their finances when they really need it.
By educating their customers about debt and how to properly manage their finances, credit providers can not only reduce their debt write-offs, but they can also help play a pivotal role in providing financial education to their customers, who would usually not have access to this information, which will in turn positively impact their mental wellbeing.
Partnering with a debt solutions firm
At Debt Movement, our mission is to rescue people who have found themselves in financial difficulty. We provide non-judgemental debt guidance and services that help people move out of debt. Our qualified team of debt specialists have helped over 35,000 people move out of debt and find financial freedom.
By partnering with a trusted and reputable debt solutions firm like Debt Movement, credit providers can help educate their clients about debt and the various solutions available to them.
By providing their clients with adequate financial education, credit providers can also potentially reduce their debt write-offs, as their clients will be more inclined to take charge if they understand the importance of financial well-being.
If you would like to partner with Debt Movement, please email us on: email@example.com
At Debt Movement we know bad debt happens to good people which makes them feel worried and powerless. We provide professional debt help, guidance and services that support people to move out of debt. This empowers people to take control of their finances so they can live their best lives again.