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Consumer Debt Management
Consumer debt management; make required payments
One way to implement effective consumer debt management is to concentrate on paying off the debt with the smallest balance first (never forgetting to make required payments to all debts, of course!) After that balance is repaid, you can then apply that payment to the card with the next smallest balance and continue the process until all debts are satisfied. Consumer debt management can be very rewarding because you can see progress quickly. The other popular method is to first concentrate on repaying the debt with the highest interest rate. This method of consumer debt management will save you the most in interest charges over time.
Consumer debt management - Track your expenses and finances
Generally, canceled checks should be saved for three years. Keep those related to your taxes and business expenses permanently. Credit card receipts can be destroyed once you have reconciled with your monthly statement. Additionally, credit card monthly statements can be destroyed on an annual basis. According to the Internal Revenue Service (IRS) you should keep your individual tax return documents for seven years. The IRS has six years to challenge your return if it thinks you underreported your gross income by 25 percent or more. These consumer debt management tips only scratch the surface of the types of methods we can employ for you.
Contact MMI and learn about our consumer debt management methods.
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