Personal Debt Management

Smart Financial Strategies for a Debt-Free Life

What you'll learn

Define a debt and understand costs related to debt

Differentiate between a good and a bad debt

Identify causes of loan default and consequences of defaulting

Steps and actions to take when in default

Requirements

No previous experience required. The content will cover all basics in personal debt management

Description

This course provides a comprehensive understanding of personal debt management, equipping participants with the tools and strategies necessary to effectively manage and reduce their debt. Through a blend of theoretical knowledge and practical applications, students will learn how to evaluate their financial situation, create actionable debt reduction plans, and develop long-term strategies for maintaining financial health. Course Objectives:Define and Understand DebtIdentify Types of Debt: Distinguish between secured and unsecured debt, revolving and installment debt, and their specific implications.Analyze Debt Costs: Calculate the total cost of debt, including interest rates, fees, and other associated costs.Evaluate LoansDifferentiate Good and Bad Loans: Recognize the characteristics of favorable versus unfavorable loan terms.Assess Loan Terms: Evaluate interest rates, fees, and overall loan conditions to make informed borrowing decisions.Recognize Causes and Consequences of Loan DefaultIdentify Causes of Default: Understand common reasons for loan default, such as financial hardship, over-borrowing, and poor financial management.Analyze Consequences: Evaluate the impact of default on credit scores, legal implications, and personal financial well-being.Implement Effective Debt Management StrategiesDevelop a Repayment Plan: Create and manage a budget that incorporates debt repayment strategies and prioritizes high-interest debts.Explore Debt Relief Options: Investigate and apply options for debt relief, including consolidation, settlement, and credit counseling.Understand and Utilize Professional HelpSeek Professional Advice: Identify when and how to consult with credit counselors, financial advisors, or legal professionals.Understand Legal Options: Learn about bankruptcy and its implications as a last resort for debt relief.Build and Maintain Financial StabilityCreate an Emergency Fund: Establish and maintain a savings buffer to handle unexpected expenses and prevent future defaults.Improve Financial Habits: Develop and adhere to sound financial practices, including budgeting, saving, and responsible credit use.Prepare for Future BorrowingBuild a Positive Credit History: Understand how to maintain and improve your credit score to enhance future borrowing opportunities.Make Informed Financial Decisions: Apply knowledge from the course to make well-informed borrowing and financial management choices.By achieving these objectives, participants will be equipped with the knowledge and tools needed to manage debt effectively, make prudent borrowing decisions, and maintain long-term financial health.

Overview

Section 1: Introduction to Personal Debt Management

Lecture 1 Introduction

Lecture 2 Video On Personal Debt Management

Lecture 3 What is a Debt?

Lecture 4 video on what is a debt

Lecture 5 Costs Related to a Debt

Lecture 6 Costs Related to a Debt - Video

Section 2: Are Debts Bad?

Lecture 7 Video on what is a good or a bad debt?

Lecture 8 What is a Bad Debt?

Lecture 9 What is a Good Debt?

Section 3: Causes and Consequences of Loan Default

Lecture 10 Video on Causes and Consequences of Loan Default

Lecture 11 Causes of Default

Lecture 12 Consequences of Loan Default

Section 4: Steps or Action to take when in default

Lecture 13 Video on Steps to Take when in Default

Lecture 14 Steps to take when in Default

Section 5: Conclusion

Lecture 15 How to prepare for future Borrowing

Lecture 16 Video On How to prepare for Future Borrowing

Debt affect everyone and the course is designed for all people. It is not for a specific professional.