Debt Accrued From Late Payments
From Open Risk Manual
Definition
Debt Accrued From Late Payments. In the context of the Financial Competence Framework, Debt Accrued From Late Payments is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Debt Accrued From Late Payments in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 342 | Understands that debts can accrue from unpaid bills as well as from the use of credit | Knowledge |
| 343 | Understands that there is usually an additional cost incurred for late payment of bills and credit | Knowledge |
| 344 | Prioritises bills and credit repayments over discretionary spending | Skill |
| 345 | Takes steps to avoid falling behind with payments even if circumstances change | Skill |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
