Dealing with Debt Signs of Debt Distress Place CashCourse URL Here in Master Slide| 2 Using credit...
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Transcript of Dealing with Debt Signs of Debt Distress Place CashCourse URL Here in Master Slide| 2 Using credit...
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Signs of Debt Distress
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•Using credit card cash advances to pay for living expenses.
•Having checks returned for insufficient funds
•Using the overdraft protection plan on your checking account to pay monthly bills.
•Using savings to pay bills.
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Signs of Debt Distress
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•Using one credit card to pay another.
•Delaying one bill (or ‘floating”) to pay another overdue bill.
•Paying only the minimum due on charge accounts.
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Signs of Debt Distress
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•Using payday loans.
•Being over the limit on one or more lines of credit.
•Delaying medical and dental visits because you don’t have enough cash to pay for them.
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Prioritizing Repayments
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• Highest balance first!
• Highest interest rate second!
• Lowest balance next!
Also consider how much interest will you pay over time?
Use this information to help you prioritize your debt repayment
Use power payments
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Power payAs you pay off each account
Take that payment and add it to your next priority
PAYMENT PLAN AS CARDS ARE PAID OFF #1Master Card $100.00 Master Card PAIDVISA card $60.00 VISA $160.00JCP card $40.00 JCP card $40.00
AS ARE PAID OFF #2CARDS AS CARDS ARE PAID OFFMaster Card PAID Savings $100.00VISA card PAID Retirement $100.00JCP card $200.00
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Use these CashCourse calculators to help
• How Long Until My Loan is Paid Off?• http://www.calcxml.com/do/det02?skn=124
• What Is The Impact of Making Extra Payments?• http://www.calcxml.com/do/det09?skn=124
• How Long Will it Take to Pay Off My Credit Card?
• http://www.calcxml.com/do/det01?skn=124Place CashCourse URL Here in Master Slide | 9
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Available Resources
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• Financial Aid Website
• Community Resources•Money Management International (MMI) and its family of Consumer Credit Counseling Service (CCCS) agencies make up the largest nonprofit, full-service credit counseling agency in the United States.
•www.moneymanagement.org
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Avoid the Quick Fix
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• Pawnshops
• Payday Loans
• Title Loans
• Tax Refund Anticipation Loans
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You’re Worth It!
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• Learn from past mistakes
• Commit to being debt free
• Spend less
• Save more
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Now What? Complete the CashCourse Expense
worksheet.
Complete the CashCourse Debt Recovery worksheet.
Seek assistance – variety of resources available to help you!
Set up a savings account.
Breathe.Place CashCourse URL Here in Master Slide | 14
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These materials are for non-commercial educational use only.
Portions of the content © 2008 National Endowment for Financial Education. All rights reserved.
CashCourse is a trademark of the National Endowment for Financial Education
www.nefe.orgwww.CashCourse.org
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