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  • Debt Management

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    qwerty asdfg
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    Robert has over $294,000 in credit card debt across 5 cards with interest rates ranging from 2.5-3.5% and a $10,382 SSS loan. He earns $40,000 per month but has expenses of $17,000 including the loan. His mother also gives him $20,000 per month to help pay debts. The document asks to create a plan to pay off Robert's debts in the shortest time.

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    Robert has over $294,000 in credit card debt across 5 cards with interest rates ranging from 2.5-3.5% and a $10,382 SSS loan. He earns $40,000 per month but has expenses of $17,000 including the loan. His mother also gives him $20,000 per month to help pay debts. The document asks to create a plan to pay off Robert's debts in the shortest time.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    8 views1 page

    Debt Management

    Uploaded by

    qwerty asdfg
    Robert has over $294,000 in credit card debt across 5 cards with interest rates ranging from 2.5-3.5% and a $10,382 SSS loan. He earns $40,000 per month but has expenses of $17,000 including the loan. His mother also gives him $20,000 per month to help pay debts. The document asks to create a plan to pay off Robert's debts in the shortest time.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Help Robert get out of debt!

    Robert is 44 years old. He works as a trainer in the Construction Industry. Mom helps out by giving him
    20,000 a month for the credit card debts (income from the farm).

    His current debts are as follows:

    Credit Card Interest Rate Total Balance Minimum Payment Due Date
    th
    Credit Card A 3.5% 9,564.50* 5,756.58 11 of the Month
    Credit Card B 2.5% 43,880.77 3,062.15 1st of the Month
    Credit Card C 3.5% 116,050.13 3,706.97 25th of the Month
    Credit Card D 3% 62,204.58 3,210.23 28th of the Month
    Credit Card E 3.20% 52,480.74 2,624.04 11th of the Month
    SSS Loan 10,382.70 1,384.36 Fixed monthly salary-deduction
    *for the next 2 years
    All cards have late payment fees of 850.00

    He earns around 40,000 a month with deductions of 17,000 (Including SSS Loan) per month. Occasional
    trainings outside his employment gets him around 3k-5k per training.

    His monthly expenses include:

    Internet Connection – 3,099.00


    Cellphone plan – 350.00
    Cellphone plan (mom) – 600.00
    Cellphone plan (dad) – 800.00
    Insurance – 3,000 per month
    Memorial Plan – 3,000 per quarter

    Create a plan to pay off debts in the shortest possible time.

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