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Love Your Money : Getting out of Debt

Love Your Money : Getting out of Debt. Jayne McBurney, MS Family & Consumer Sciences Agent. http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 919-989-5380. Statistics 2008: The Averages. more than $8,000 in credit card debt 2.7 bank credit cards 3.8 retail credit cards

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Love Your Money : Getting out of Debt

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  1. Love Your Money: Getting out of Debt Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 919-989-5380

  2. Statistics 2008: The Averages • more than $8,000 in credit card debt • 2.7 bank credit cards • 3.8 retail credit cards • 1.1 debit cards • Spends $1.22 for each dollar they earn • 2010.......

  3. Double Trouble

  4. Debt in daily terms(for payoff in 3 years)

  5. The Steps STOPnew purchases ASSESS-how I got into this TRACK - write EVERYTHING down SMART goals FIND places to save FIX pay down credit or save TALK to ALL members of household

  6. TRACK your spending • Write down EVERYTHING you spend • Use a calendar with due dates • A wake up call

  7. Find $ • Cable….movie packages • Rent movies, save $25-$50/mo • Internet • If you have a smart phone, you may not need Internet/wireless service at home, save $45/mo Nails/ Haircut…can you wait a week? • Have hair and nails done every ten days, save $50/mo • Daily lunch, at a modest $5 = $100 a month • Pack Lunch 3 days a week, save $60/mo • Vending machine: 1/day @ 1.25, $25/month • Bring snacks from home in a cooler, save $50/mo • Memberships, Subscriptions, Services • Barter, Trade, Sell

  8. Fix Debt Yourself Pay down credit! GOAL: Protect Credit Score

  9. Power Pay way.... • Three repayment options: • Highest interest rate first (in sequence) • Lowest balance first • Shortest payoff term first • Can add one-time or periodic additional payments (e.g., bonus, tax refund) • Savings will vary according to length of debt, number of creditors, APRs, etc.

  10. Talk • Communicate with partner about spending issues and financial goals • How will we manage?

  11. Housing 25% - 33% of gross pay Vehicle less than 15% of gross including insurance, gas and maintenance Monthly debts Should be less than 15-20% of net *about 35% left

  12. What is my Credit Score?Score range: 300-850 • www.annualcreditreport.com • www.myFICO.com Use the Credit Education tab

  13. Fun & Helpful websites • https://powerpay.org/ • www.bankrate.com • www.Mint.com • www.feedthepig.org

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