HowCanYouAvoidBadand
ExpensiveDebt?
•Negotiatedowntherateonyourcurrent
creditcard(s).
•Eliminatethelifestylepatternthatleadtothe
debt.
•Paymorethantheminimumpayments.
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Avoiding Bad and Expensive Debt: Strategies and Tips, Slides of Management Fundamentals
Practical advice on how to avoid accumulating bad and expensive debt. Topics include negotiating credit card rates, eliminating lifestyle patterns that lead to debt, finding cheaper sources of money, and implementing a budget and financial plan.
Typology: Slides
2012/2013
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How
Can
You
Avoid
Bad
and
Expensive
Debt?
Negotiate down the rate on your current credit card(s).
Eliminate the lifestyle pattern that lead to the debt. - Pay more than the minimum payments.
How
Can
You
Avoid
Bad
and
Expensive
Debt?
(cont’d)
Liquidate an investment, or savings, that is paying less than the interest rate charged on debt.
Try to find a cheaper source of money (home equity loan, life insurance, friends or family).
Getting
Started
on
Your
Financial
Future
Begin with a budget and a plan. - Manage your cash - monitor bank fees and ATM charges. - Avoid “bad” debt; get rid of it if you have it. - Build a safety net - health, disability, property and liability, and life insurance. - Start investing for future goals. - Take advantage of tax ‐ favored retirement plans.
Nothing
Helps
Your
Financial
Plan
if
You
Procrastinate
THE
MOST
IMPORTANT
STEP!
Follow Axiom
Summary
(cont’d)
Learn and implement the
decisions that will help you “choose wealth.”
Meet the financial challenge of controlling debt; follow the
keys to successful debt management.
Develop a basic financial plan for your future….but remember to “Just Do It.”