DEBT MANAGEMENT. Melissa Wise First Citizens National Bank. DEBT MANAGEMENT TOPICS. Credit Credit Scores Using Credit Wisely Credit Cards Debt to Income Ratio Budgets Debt Management Programs.
First Citizens National Bank
ADVANTAGES Americans who are financially overextended.”
Useful for emergencies
Often required to hold a reservation
Ability to purchase expensive items sooner
Eliminates the need to carry large amounts of cash
Additional fees are common
Temptation to overspend
Can cause large amounts of debt
A credit report contains information about where you work, live, how you pay your bills, whether or not you have filed bankruptcy and even if you have ever been arrested or sued.
You can check your credit score for free up to three times annually at http://wwwannualcreditreport.com!!
For decades, society has promoted the idea of “BUY NOW, PAY LATER.”
This is a good concept for some types of
purchases and a bad concept for many
other types of purchases.
A credit card is a responsibility. The choices revolving debt.
you make now will affect how much you pay
for a car, your home, and any other loans or
credit cards you apply for.
Monthly debt payment / gross monthly income = D/I
There are three main reasons budgets fail.
1. Negative attitude – Try not to think of a budget as a financial diet. Try to think of it as a means to an end.
2. Lack of motivation – The best motivators are generated internally. It is important to honestly believe that budgeting can help you meet your goals.
3. Unrealistic expectations – The reality is that budgeting is an endurance event. Those who stick with it through thick and thin will come out ahead financially.
A good debt management company is a
third party who will contact your creditors to:
Key factors to keep in mind when selecting a
good debt management program: