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?  

"There are 44 modules worth of activities and resources on this page! 31 modules with the secondary icon are designed for high school instruction in the Saskatchewan Financial Literacy 20/30 curriculum.

Although some of the content of the 13 other modules are designed for middle years instruction, they are easily adaptable to secondary learners. Teachers, consult your school division to see if the 13 modules have been taught at the middle years level to avoid repetition.

Simply click on a theme, select a module for instruction, pick an appropriate suggested activity from the Teacher’s Guide, and download the necessary resources to help students meet the module’s outcome."

Examine the processes of and alternatives to personal bankruptcy in Saskatchewan.

Teacher Guide included.

3-5 hours

MyMoneyCoach: This website presents excellent information for students to learn about various types of debt:
- Student Loan Budgeting and Money Management - Practical Tips for Post-Secondary Students: Money Management Strategies -- * Develop a workable budget that also gives you a little money for fun… yes, fun! * If you are using student loans or have enough money saved to get you through, set it all aside in a separate savings account.
- Tips for Paying Off Credit Card Debt: Here are some practical ways you can quickly tackle your credit card debt and take your first real steps toward getting out of debt: * Put your credit cards away until you have completely paid off the outstanding balances.
- Create a Budget to Get Out of Bad Debt - Shed Your Debt Weight: Did you make any resolutions this year? Many people plan to shed the extra pounds that are dragging them down – but does that include weight from your bad debt? It’s amazing how heavy a maxed out credit card can feel!
- How to Get Out of Debt and Keep it that Way: Debt solutions and strategies to get out of debt can vary for everyone, however, the sooner someone is able to deal with their debt, the more options they generally have available to them.

Choose from the suggested activities below to find activities to help your students meet the outcome for this module from the Saskatchewan Financial Literacy 20/30 curriculum, Module 26B: Handling Debt Problems, Outcome: Examine the processes of and alternatives to personal bankruptcy in Saskatchewan. All resources for this module’s activities can be found on saskmoney.ca or within this Resource Bank.