V - Personal Finance



Grade:_/2VIII. Consumer Loans and Debt PlanYour NamePersonal Financial PlanClass and DateThis section is to help you with your Consumer Loans and Debt Plan, which includes student and auto loans. This template is used for consumer loans, debt and debt reduction which will be discussed later.VisionWhat is your vision for loans and debt? Will it be a problem for you in your life? How will you handle it?What are your views on debt?GoalsWhat are your goals in this area? Do you have consumer, student and other debt?If so,What is your rate you are paying for each debt?What other fees are you paying for each debt?Do you have non-interest bearing debt?What is your view on productive (student and mortgage) and unproductive (all other) debt?Will you take on consumer, student and other debt in the future? Plans and StrategiesYour plan is how you will handle these types of loans. Will you take on consumer and auto debt in the future?How you will get out of debt if you are in debt?What is your debt reduction strategy if you are in debt? (this will be covered in the section on debt). Consumer Loans StrategyThis is your strategy for how you will handle consumer loans including auto loansWill you use consumer and auto loans?What is your strategy for consumer loans?Student Loan StrategyThis is how you will handle student loans.Will you use student loans for school (productive debt)?How will you minimize your use of student loans?Debt Reduction StrategyDevelop a plan of action on how you will repay these loans. How long will it take you to pay off all your loans if you make a minimum payment each month, beginning after school begins? How long will it be if you use an accelerator? How much of an accelerator will you use?Will you pay off smallest amount or highest rate first?ConstraintsWhat are the constraints to your Plans? What are your key constraints and how will you overcome them?AccountabilityWho will you be accountable to?Who will you share your Consumer Loan and Debt Plan with? ................
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