Forget the stigma and shame. Financial expert Bruce Sellery helps you understand bankruptcy and how to decide whether it's the right decision for your family...

The material in this lesson will help students become aware of the warning signs of financial difficulties. When difficulties arise, students should first contact their creditors. Next, efforts should be made to revise spending patterns. In addition, assistance from a Credit Counseling service agencies might be considered. What if these actions do not help?

This collection features resources to support teaching Module 26B: Handling Debt Problems B from the Saskatchewan Financial Literacy curriculum. This activity suggests articles, websites, assignments, and discussion topics to help develop some problem-solving skills in relation to managing debt problems. 

There are several interesting articles written by Anne Gaviola on Vice focused on Canadian finances, debt, and correlations between money and a person’s well-being. Keeping your debt a secret can mess with your mind and body. The culture of secrecy around debt causes young people to suffer in silence, making it even harder to manage debt. Use this content for case-based learning opportunities.

In this Case Study, students will take on the role of a credit counselor to assist a borrower who finds himself in serious financial distress. Several options will be presented, and students will identify pros and cons of each approach and choose a path forward.

Managing debt loads can be very difficult and overwhelming at times. Hiding from debt and avoiding the problem, will only make the situation worse. This activity includes mini case studies on how to handle various debt problems so that the students can take control of their debt and move forward to a better financial future.

Students will learn the consequences of not paying one’s debts and the choices of last resort for out-of-control debt. Students will explain how using [types of predatory loans] can cause a vicious cycle of debt. Bankruptcy is also introduced, and the various costs associated with bankruptcy are outlined. The students will discover what steps a person can take to avoid filing for bankruptcy, including seeing a credit counselor.

Comic Book titled “The Game Plan” by The Healthy Aboriginal Network https://istorystudio.com/wp-content/uploads/2014/04/Game-Plan.pdf The Healthy Aboriginal Network’s Game Plan is a comic book for Aboriginal youth featuring a teenager named Jake who struggled with financial wellbeing until he was taught a lesson or two in financial literacy. Making the right financial decisions helped Jake achieve his goals and feel financially empowered. 

This activity allows the students to discuss the burden of student loans and financing post-secondary education. An additional aspect to this activity is the mental health aspect regarding heavy debt loads for post-secondary. The discussion could include a debate on student loans, who is responsible and can a student "walk away" from this debt? Should the government pay for post-secondary education for everyone? If yes, would you be willing to pay more taxes for free post-secondary education?Students often finance their post-secondary education, which can be very expensive over many years. How does a student pay this debt back if they are unable to finish their program, especially in expensive programs such as medicine or law?