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Understanding Debt

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Tyler Squire

The document provides guidance on developing and using debt reduction strategies. It discusses counsel from religious leaders emphasizing avoiding debt whenever possible. The debt cycle is explained as starting with small amounts of debt that increase over time due to lifestyle inflation and lack of discipline. Strategies are outlined for stopping the cycle through gaining wisdom, exactness, diligence, humility and self-reliance. Specific debt reduction strategies include paying off the highest interest debt first or smallest debts first to become debt free. Counseling others in debt includes debt consolidation and negotiation options.

Economy & FinanceBusiness
1 of 46
Personal Finance: Another Perspective ,[object Object],[object Object],Thanks to Bryan Sudweeks – http://personalfinance.byu.edu
Objectives A. Know what our leaders have said about debt B. Understand the Debt Cycle and why people go into debt C. Know how to develop and use debt reduction strategies D. Understand where to go to get help if you get too far in debt
Why all the Quotes? ,[object Object],[object Object],[object Object]
A. Our Leader’s Counsel on Debt ,[object Object]
Counsel on Debt (continued) ,[object Object],[object Object]
Counsel on Debt (continued) ,[object Object],[object Object],[object Object],[object Object]
Is there Reasonable Debt? ,[object Object],[object Object],[object Object],[object Object]
Reasonable Debt (continued) ,[object Object],[object Object],[object Object],[object Object]
B. Understand the Debt Cycle and Why People go into Debt ,[object Object],[object Object],[object Object],[object Object]
The Debt Cycle: Why? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Stopping the Debt Cycle (continued) ,[object Object],[object Object]
B. Know How to Develop and Use Debt Reduction Strategies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Debt Reduction Strategies (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Debt Elimination: Highest Debt First
Personal Strategies: b. Debt Elimination: Smallest Debt First ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Debt Elimination: Smallest Debt First
Personal Strategies: c. Home Equity Loans ,[object Object]
Personal Strategies: Home Equity Loans (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Personal Strategies: Home Equity Loans (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: Non-profit CCAs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: Non-profit CCAs (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: Non-profit CCAs (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: For-profit CCAs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: For-profit CCAs (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Counseling: Warning Signs ,[object Object],[object Object],[object Object],[object Object]
3. Legal Strategies: Bankruptcy ,[object Object],[object Object],[object Object],[object Object]
Bankruptcy (continued) ,[object Object],[object Object],[object Object]
Bankruptcy (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Bankruptcy (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Bankruptcy (continued) ,[object Object],[object Object]
Questions Any question on debt, debt repayment or bankruptcy?
Case Study #1 ,[object Object],[object Object],[object Object],[object Object]
Case Study Answers ,[object Object],[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object],[object Object],[object Object]
Case Study Answers (continued) ,[object Object],[object Object],[object Object],[object Object]

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Understanding Debt

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  • 2. Objectives A. Know what our leaders have said about debt B. Understand the Debt Cycle and why people go into debt C. Know how to develop and use debt reduction strategies D. Understand where to go to get help if you get too far in debt
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  • 38. Questions Any question on debt, debt repayment or bankruptcy?
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