Stats For Paper 2

Question 1

Credit card debt

Answer 1

£66.2 billion

Question 2

Sudden change

Answer 2

A sudden change such as entering a recession can lead to good debt becoming bad - savings buffers fall

Question 3

Employment rate

Answer 3

Highest since records began in 1971, 73%. Unemployed is defined as not working and seeking work.

Question 4

Savings bond

Answer 4

First direct 5% AER regular saver

She can put money away regularly but can’t access it to avoid spending

Question 5

Savings account instant

Answer 5

RCI bank instant access - 1.02% AER but foreign so not covered by FSCS although similar French scheme

Question 6

Average consumer credit debt

Answer 6

£3765 in debt per person

Question 7

Money Advice Service

Answer 7

Where she can go for help and assistance, online budgeting tool and can ring a helpline to talk about concerns

Question 8

NatWest consolidation loan

Answer 8

3.9% APR, for loans £7500 to £25000 with an online debt calculator to repay off any debts

Question 9

Natwest cash ISA

Answer 9

Paid monthly interest, instant access, 0.01% AER