Dealing with Debt Signs of Debt Distress Place CashCourse URL Here in Master Slide| 2 Using credit card cash advances to pay for living expenses. Having.

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Presentation transcript:

Dealing with Debt

Signs of Debt Distress Place CashCourse URL Here in Master Slide| 2 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.

Signs of Debt Distress Place CashCourse URL Here in Master Slide| 3 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.

Signs of Debt Distress Place CashCourse URL Here in Master Slide| 4 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.

A Month at a Time Place CashCourse URL Here in Master Slide| 5

Taking Control Place CashCourse URL Here in Master Slide| 6

Prioritizing Repayments Place CashCourse URL Here in Master Slide| 7 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

Power pay As you pay off each account Take that payment and add it to your next priority PAYMENT PLANAS CARDS ARE PAID OFF #1 Master Card $100.00Master Card PAID VISA card $60.00VISA$ JCP card $40.00JCP card$40.00 AS ARE PAID OFF #2CARDSAS CARDS ARE PAID OFF Master Card PAIDSavings$ VISA card PAIDRetirement$ JCP card $ Place CashCourse URL Here in Master Slide| 8

Use these CashCourse calculators to help How Long Until My Loan is Paid Off? What Is The Impact of Making Extra Payments? How Long Will it Take to Pay Off My Credit Card? Place CashCourse URL Here in Master Slide| 9

What’s the Score? Place CashCourse URL Here in Master Slide| 10

Available Resources Place CashCourse URL Here in Master Slide| 11 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.

Avoid the Quick Fix Place CashCourse URL Here in Master Slide| 12 Pawnshops Payday Loans Title Loans Tax Refund Anticipation Loans

You’re Worth It! Place CashCourse URL Here in Master Slide| 13 Learn from past mistakes Commit to being debt free Spend less Save more

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

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 Place CashCourse URL Here in Master Slide| 15