Difficulty To Repay Debt

From Open Risk Manual


Difficulty To Repay Debt. In the context of the Financial Competence Framework, Difficulty To Repay Debt is a topic in the Planning And Managing Finances subject matter domain.[1]


Mastering the role of Difficulty To Repay Debt in financial literacy context requires the following competences:

Code Competency Description Competency Type
346 Aware of the implications of not paying a credit installment and aware of the debt recovery process Knowledge
347 Aware of potential grace periods and public support measures to help repay debt Knowledge
348 Knows where to go for help to reduce debt burden [when necessary] Knowledge
349 Understands that certain debts may have to be prioritised over others if they become unmanageable Knowledge
350 Understands that consumers have rights and responsibilities when managing debt Knowledge
351 Informs creditors before the due date of a repayment if it is impossible to pay Skill
352 Applies for over-indebtedness procedure, when relevant Skill
353 Confident to speak to relevant parties to discuss debt management and repayments Attitude


  1. European Union/OECD (2022), Financial competence framework for adults in the European Union