Worksheet 9 - PLAN TO PAYOFF CONSUMER DEBT

If you do not have current debt, assume you have $5,000 worth of debt and develop a payoff plan.Use your current budget to determine how long it will take to pay off the debt and how much interest will be paid.Submit Worksheet 9 via the designated DROP BOX.

1. List ALL credit cards, current balances, and the interest rate associated with the debt.

1. List ALL other debt, the current balance, and the interest rate associated with the debt.

1. List the total amount of debt -$______________________

1. Visit the following websitesthey contain a variety of managing debt calculators.

http://www.crown.org/Tools/Calculators/Debt_AcceleratedPayoff.asp

http://www.bankrate.com/calculators/managing-debt/debt-pay-down-calculator.aspx

http://www.bankrate.com/calculators/managing-debt/credit-card-payoff-calculator.aspx

http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

http://www.consumercredit.com/debt-payoff-calc.htm

http://financialmentor.com/calculator/debt-snowball-calculator

1. Using one or more of the above-listed calculators, prepare a detailed plan to pay your debt. List the plan.

1. How long will it take to pay off your debt?

1. How much interest will be paid over the payoff span of the debt?

1. List the website(s) utilized.