Describe what might happen if people lack effective personal financial management skills
What will be an ideal response?
Answer: When people lack effective personal financial management skills, they may waste money and their personal finances may spiral out of control. They may overspend, rely on credit cards with high interest rates, and find themselves overwhelmed with debts. They may have trouble paying bills on time. Creditors might embarrass them by contacting them at work and repossessing items purchased on credit. They may fail to save for the future and to put some money aside for unexpected expenses. These situations can lead to additional stress that can negatively affect personal health and relationships.
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