Credit Card Debt Analysis

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http://www.cccs.org/ try this one we work with them a lot I work for credit card co

2009-07-16 15:39:10 by ain

World Law Debt Settlement focuses specifically on the process of helping our clients to become debt free. Our service provides you with a ...

I have about 10K in credit card debt and 2 chargeoffs that happen within the last month...

Am I basically barred from a lot of types of employment? I'm not looking to be a financial analysis. I just graduated from a good school and wanted to put myself outthere with some large companies in my area. Am I just totally fuked?

thank you

well, It's not going to help things though,

however your biggest enemy is the economy though.

2009-06-08 09:58:14 by David

Price: $5.95 $5.95

Billy Tan just graduated with a Mechanical Engineering degree and secured a new job with a starting annual salary of $36,000. There are a few things that he would like to do
with his newfound “wealth.”
As a fresh graduate, he needs to begin repaying his student loans (amounting to $20,000) and he also likes to reduce some outstanding balances on his credit cards (amounting to $5,000). Billy also needs to purchase a car to get to work and would like
to put money aside to purchase a condominium in the future. Last, but not least, he wants to put some money aside for his eventual retirement.
He would like to do some financial planning for which he has selected a 10year time frame. At the end of 10 years, he would like to have paid off his current student loan and credit card debt, as well as have accumulated $40,000 for a down payment on a condominium. If possible, Billy would like to put aside 10% of his take home salary for
retirement. He has gathered the following information to assist him in his planning:
• Student loans are typically repaid in equal monthly installments over a period of ten years. The interest rate on Billy’s loan is 8% compounded monthly.
• The monthly minimum credit card payments are usually computed using a 10year repayment period. The interest rate on Billy’s credit card is 18% compounded monthly.
• Car loans are usually repaid over three, four, or five years. The interest rates on a car loan can be as low as 2.9% (if the timing is right) or as high as 12%. As a firsttime car buyer, Billy can secure a $15,000 car loan at 9% compounded monthly to be repaid over
60 months.
• A 30year,fixed rate mortgage is currently going for 5.75% to 6.0% per year. If Billy can save enough to make a 20% down payment on the purchase of his condominium, he can avoid private mortgage insurance that can cost as much as $60 per month.
• Investment opportunities can provide variable returns. “Safe” investments can guarantee 7% per year, while “risky” investments could return 30% or more per year.
• Billy’s parents and older siblings have reminded him that his monthly takehome pay will be reduced by income taxes and benefit deductions. He should not count on being able to spend more than 80% of his gross salary.
Additional requirements:
a) After Billy’s car is paid off, he plans to continue setting aside the amount of his car payment to accumulate funds for the car’s replacement. If he invests this amount at rate of 3% compounded monthly, how much will he have saved by the end of the initial 10year
period?
b) Billy has planned to have $40 000 at the end of ten years to place a down payment on a condo. Property taxes and insurance can be as much as 30% of the monthly principal and interest payment (i.e. for a principal and interest payment of $1000, taxes and insurance would be an additional $300). What is the maximum purchase price he can afford if he would like to keep his housing
costs at $950 per month?
c) If Billy is more daring with this retirement investment savings and feels he can average 10% per year, how much will he have accumulated for retirement at the end of the 10year
period?
As Billy’s friend, you have been asked to review his financial plans. How reasonable are his goals? Support your findings with appropriate computations using Excel and prepare
a Powerpoint presentation for your client. State your assumptions clearly.
I need ur help . thx

This problem is a multi-faceted one that requires a few different calculations having to do with the future value of annuities. if your working problems like this you have the tools necessary to figure them out. with that being said, I have a peice of advice for you. Don't in any way associate this person with yourself, real life never acts like the calculations in your college textbooks. Don't make this your financial plan - remember personal finance is 90% bahavior. 5% plan and 5% luck. good luck

2008-11-11 19:31:37 by KakaKing

Price: $9.95 $9.95

But who are you going to blame for the millions of credit cards dished out across the nation to OBVIOUS idiotic consumers?


How the hell is the average credit card debt $8,000+? Along with 45% of the American population holding a credit card debt?

More than a third of those who owe more than $10,000 on their cards have household incomes under $50,000, according to the VIP Forum analysis.
At 19 I worked at McDonalds part time while in college making roughly 11,000$ a year before taxes. I was able to get a credit limit of 3,000$ even after I had 6,000$ piled up from student loans.


I never owned a credit card.

Because people don't believe in personal responsibility anymore. It's always someone else's fault. Just like everyone in debt up to their ears- it's the credit card company's fault because 'they shouldn't have given me that much credit'Waa Waa Waa.

2009-03-24 21:15:00 by Lucifer

either things that are worst ever or worst in a long long time ..since world war 2 or in the last 25 years etc...

just to give a few quick examples(again this is not the entire list, but just examples). Record budget deficits, record trade deficits, rerord consistently high gas prices, record unaffordably high health care costs, several years of declining real wages, massive illegal immigration problem where we seemingly have lost control of who is allowed in this country, record foreclosures, record car repossessions, record household credit card debt, ) it is not enough to say as some suggest that things are cyclical and good and bad times comes or that since our economy is larger that 25 years ago that every number is naturally bigger thus explaining the "Records". Clearly something is wrong. The question is ...how did we get here? I am looking for some honnest intellectual analysis, instead of propaganda.
I see some people just prefer to pretend there is nothing wrong. Notice how their typical response is "there is nothing wrong...is all cyclical"..but they dont go into any serious depth to explain what is going?? why like I said, are all these things happening right now.
The low uemployment has been touted for years now as a sign of our booming economy...and even as justification why massive illegals influx is not a problem..that our economy is doing so great we need more people coming here by the millions to take extremely low paying jobs,etcc....well....if your factory closes and you lose your $18 an hour job and go take one at a fast food joint to make ends meet at $8 dollars an hour...you are still considered employed....and you are not on an unemployent rolls. So go sell that one elsewhere to people who don't really know what's going on.

You must be young.

Early 70s, runaway inflation, gas not available at any price and lots of unemployment.

Not to mention that brief dive in 87, or the first Saddam sell off in the early 90s; or the March-2000 tech meltdown..... do i need to keep going on or is your memory refreshed. Oh, that little thing called 9-11 kinda put a damper on things.....

Heck a quarter or two of slow growth and increased commodity values is hardly worthy of this "sky is falling" mentality.

2008-03-06 12:57:54 by jesswzmn