www.managingdebtlaws.com
Copyright © 2007 - 2015 Global University Publishing
All rights reserved.
Revised edition
ISBN: 978-1-6822287-7-7
This publication represents the author’s opinion based on research and experience in regards to the subject matter contained herein.
The author does not intend with this publication to render legal advice. Information presented in this book is for illustrative purposes unless otherwise noted.
Illustrations and financial data by K. D. Nelson
The author disclaims any personal liability, loss or risk incurred as a result of the use and application, either directly or indirectly, of any advice, technique or method presented herein.
No part of this book may be reproduced in any manner, except in the case of personal use, including electronic transmission without the expressed written permission from the author.
Nelson, Keith D.
Laws of Managing Credit Card Debt
Contents
Preface | |
Section I | Budgeting for Success |
Section II | Determining Your Debt-to-Income Ratio |
Section III | Analyzing Your Expenses |
Section IV | Consolidating Your Credit Cards |
Section V | Time and Interest Accumulation Schedules |
| Figure (A) Data Analysis
Figure (B) Data Analysis
Figure (C) Data Analysis
Figure (D) Data Analysis
Figure (E) Data Analysis
Figure (F) Data Analysis |
Section VI | How to Use the Performance Strategies |
High Performance Strategy:
Calculation method and comparison data
Moderate Performance Strategy:
Calculation method and comparison data
Progressive Performance Strategy:
Calculation method and comparison data
Accelerated Performance Strategy:
Calculation method and comparison data
Calculation Worksheets and Expense Payment Schedules
Preface
This book provides a source of information that you can use to payoff your credit card debt. You can save time and money with comprehensive debt reduction strategies. Learn how to get out of debt and avoid a lifelong financial burden. Study this financial guide to gain the knowledge and skills to maintain better financial management. Review it frequently, and use the performance strategies to help you develop a plan.
The results in Figure A through F are calculated using a regular monthly payment schedule. Different account balances and annual percentage rates are used. They provide a detailed account of the interest charges that accumulate and the number of years it can take to payoff the balance. In section VI, the results, are compared to, the performance strategies that show the amount of time and money you can save.
As cost of living expenses continue to increase, the money you save can improve your quality of life. And help you achieve a better financial future.
Choose from four basic strategies: the High Performance Strategy, the Moderate Performance Strategy, the Progressive Performance Strategy, and the Accelerated Performance Strategy. Each method is designed to save you time and money. Decide which strategy to use based on your budget. Carrying credit card debt can have a negative impact on your financial future. The interest charges that you pay are a huge financial loss. You can maintain a high standard of living and reach your financial goals.
Follow the instructional guidance to analyze your credit card debt. By investing in a complete study of this manual, you can improve your financial well-being.
Adopt the principles that are a benefit to you. And take a hands-on approach to maintain control of your financial future. Use this financial guide as an option other than choosing to file for bankruptcy or obtain a debt consolidation loan.
In section III, list the amount of your monthly expenses and determine the amount of your monthly expenses as a percentage of your income. As a general rule, you should budget five to six percent of your monthly income for monthly credit card payments. For example, if you make $3,000.00 a month, you should budget $150.00 to $180.00 a month.
