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Guidelines and tips
Guidelines and tips

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

Uploaded on 07/26/2013

devnarayan
devnarayan 🇮🇳

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HowCanYouAvoidBadand
ExpensiveDebt?
Negotiatedowntherateonyourcurrent
creditcard(s).
Eliminatethelifestylepatternthatleadtothe
debt.
Paymorethantheminimumpayments.
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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.”