Repaying Credit
From Open Risk Manual
Definition
Repaying Credit. In the context of the Financial Competence Framework, Repaying Credit is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Repaying Credit in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 315 | Understands the relevance of trying to pay more than the minimum balance on flexible credit commitments | Knowledge |
| 316 | Makes timely repayments on all credit commitments [unless personal circumstances deteriorate] | Skill |
| 317 | Repays the maximum possible [taking into account budget constraints] on short term credit or rotating commitments | Skill |
| 318 | Considers the overall financial benefit of repaying credit early and takes an informed decision about doing so when funds allow | Skill |
| 319 | Confident to manage credit commitments. | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
