24% greater than on the eve of the financial crisis, Britons owe a total of £72.5bn on credit cards with £400m added to balances in November 2018 alone, according to the Bank of England. In such a mountainous backdrop, it's essential that regulators and the central government put financial education on top of the agenda for the well-being of communities who are struggling with money. On Your Money Matters show, I have tackled this exact issue by interviewing Michelle Turpin Cope, Money Trainer. She personally struggled to manage her money once she resigned from her job as a nurse due to stress and depression. She had devoted her life caring for NHS patients. Once her savings ran out, she had to turn to state benefits; otherwise, would have been destitute. The luxury of spending money on a cup of coffee every day, without realising the impact this purchase would have on her finances, was really an issue for her. Once she went on a money mentor training, she was forced to
Ripon Ray has been working in the debt sector for over 12 years, which included giving advice, training, managing quality standards and consultancy. To open up the debt industry to a broader audience, he founded a series of monthly Debt Talk podcasts to show the link between debt and other sectors where experts share their knowledge. You can find monthly Debt News and his media work for public interest to raise awareness of the causes of debt in the UK.
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