DEBT A debt is an amount of borrowed money by one party from another SECURED covered by a lien on collateral Mortgage Car loan UNSECURED not covered by a lien on collateral Personal loans ID: 1027511
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2. DEBT MANAGEMENTSTAY AHEAD OF THE GAME
3. DEBT A debt is an amount of borrowed money by one party from another.SECURED: covered by a lien on collateral Mortgage Car loanUNSECURED: not covered by a lien on collateral Personal loans Student loans Credit cards Repaying debt
4. CREDIT CARDS Easy line of credit Can you pay for it in cash? Can help increase your credit score!
5. WHY IS DEBT MANAGEMENT SO IMPORTANT?
6. DIY DEBT MANAGEMENT PLANS Create a Reduction Spreadsheet Some debt reducing methods include: Snowball Method Avalanche Method
7. METHODS OF MANAGING DEBTSnowball MethodStep 1: List all debts smallest to largestStep 2: Pay on smallest debts first until paid outStep 3: Once smallest debt is paid, apply money to next
8. METHODS OF MANAGING DEBTAvalanche Method List all debts by order of interest Pay extra on debt with highest interest rate Pay highest debt off and apply payment to next highest debt
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