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Actual - Debt Management: How to Consolidate Debt On Your Own
Need to consolidate debt?
Chances are, you’re doing what you can to pay it off, as quickly as possible. You want to be debt-free.
A worthy goal, to be sure.
But what do you do in the meantime?
Having a debt management plan is just as important as having a debt
Chances are, you’re doing what you can to pay it off, as quickly as possible. You want to be debt-free.
A worthy goal, to be sure.
But what do you do in the meantime?
Having a debt management plan is just as important as having a debt
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
reduction plan. It can save you hundreds or thousands of dollars in interest, and maybe even reduce the total amount of time it takes for you to be come debt-free.
Here’s how to do it right, without going to pricey or questionable debt consolidation firms. And fo
Here’s how to do it right, without going to pricey or questionable debt consolidation firms. And fo
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
rget about those debt consolidation loans! You have most of the tools you need to do it yourself.
First, promise yourself you won’t take on any more debt. Put all your credit cards somewhere besides your wallet. One of my favorite spots is the freezer; by the ti
First, promise yourself you won’t take on any more debt. Put all your credit cards somewhere besides your wallet. One of my favorite spots is the freezer; by the ti
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
me you thaw the cards to use them, you’ve probably changed your mind about your purchase. Why so drastic? Because you can’t manage your debt if you keep adding to it.
Now, you need to make a list of all the debts you have. Creating a chart or spreadsheet is prob
Now, you need to make a list of all the debts you have. Creating a chart or spreadsheet is prob
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ably the easiest way to sort all the vital information.
List the following:
Creditor’s name
Principal currently owed
Minimum payment
Interest rate
Contact phone number
Website address with login information
Next, add any credit lines you
List the following:
Creditor’s name
Principal currently owed
Minimum payment
Interest rate
Contact phone number
Website address with login information
Next, add any credit lines you
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
may have open but with zero balances to the above list. (I’ll explain why later.) Fill in all the above information, except principal and minimum payment, of course.
Take your list and start calling each of your current credit card companies. Ask what their curre
Take your list and start calling each of your current credit card companies. Ask what their curre
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
nt offers are for balance transfers. Mention that you'd be willing to move your balance to another bank's card if a better offer comes along.
Take notes on your chart or spreadsheet for each offer. Watch the fine print: ask if there are balance transfer fees, ho
Take notes on your chart or spreadsheet for each offer. Watch the fine print: ask if there are balance transfer fees, ho
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
w long the lower rate period lasts, what happens to the transferred balance if you make a late payment, etc.
Be aware that a common gimmick now is to offer a very low rate for transferred balances with no fees, as long as you charge a certain amount each billing pe
Be aware that a common gimmick now is to offer a very low rate for transferred balances with no fees, as long as you charge a certain amount each billing pe
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
riod, say $25, which is billed at a higher interest rate than your transferred balance. Since the credit card companies apply your payment to the lowest-rate balance first, you’ll accrue the higher interest rate on the monthly charges until your transferred balance
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
is paid off.
For example, say you transfer $5000 at 1.9%. The rate goes up in 6 months unless you charge at least $25 a month by the close of the billing period. Purchases are charged at 11.9%. If you pay $200 a month on the card, it’ll take you 25 months to pa
For example, say you transfer $5000 at 1.9%. The rate goes up in 6 months unless you charge at least $25 a month by the close of the billing period. Purchases are charged at 11.9%. If you pay $200 a month on the card, it’ll take you 25 months to pa
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
y off the transferred balance (ignoring finance charges). Meanwhile, for 25 months you’re charging $25, which grows to a balance of $625 plus interest of 11.9%.
This gimmick won’t hurt you if you can get a low interest rate for purchases (say, less than 9.9%) and
This gimmick won’t hurt you if you can get a low interest rate for purchases (say, less than 9.9%) and
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
you make sure you only charge the amount needed to maintain the low transfer rate. When the transferred balance is paid off, have the cash on hand to pay off the purchases, too.
Okay, back to debt management.
After you’re done calling all your credit card compani
Okay, back to debt management.
After you’re done calling all your credit card compani
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
es, choose the one with the best offer. Transfer as many of your balances as you can to that card. If there’s not enough room, ask for a credit limit increase, or transfer the rest to the card with the second-best offer.
Note: if you ask the best-offer card to i
Note: if you ask the best-offer card to i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ncrease your credit limit, it’ll show on your credit report, so unless your credit is sterling, be careful.
Figure out when any introductory rates expire and make a note on your calendar. If you won’t have your balances paid off by then, back up about six weeks an
Figure out when any introductory rates expire and make a note on your calendar. If you won’t have your balances paid off by then, back up about six weeks an
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
d make a note to search out a new lower rate.
When you’re done, you should have all your credit card balances on just one or two cards. Maybe three.
At this point, most experts would recommend you close your other accounts. I disagree, unless it would improve yo
When you’re done, you should have all your credit card balances on just one or two cards. Maybe three.
At this point, most experts would recommend you close your other accounts. I disagree, unless it would improve yo
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
ur credit, and you need to make a large purchase soon, such as a mortgage. Put those cards in the freezer instead.
Why not close them? Because if you need to transfer balances again, those credit card companies will be hungry to get your business back. If you’ve
Why not close them? Because if you need to transfer balances again, those credit card companies will be hungry to get your business back. If you’ve
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
faithfully paid your transferred balances on time, your credit will be in good shape (or at least better than it was) and they’ll fall all over themselves to get you to transfer balances back to them.
Another note here: if you can’t control your credit card spend
Another note here: if you can’t control your credit card spend
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ing, then by all means close the accounts. No debt management strategy is worthwhile if it means you’ll only put yourself deeper in debt!
Some folks often ask me if it makes sense to put their credit card debt on a home equity loan or line of credit, as they often
Some folks often ask me if it makes sense to put their credit card debt on a home equity loan or line of credit, as they often
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
have low introductory interest rates. I hesitate to recommend this. Home equity is secured by your primary residence. If you can’t pay, the banks foreclose. Why take the chance if there’s another way?
Get your debt to the lowest rate possible, keep track of wh
Get your debt to the lowest rate possible, keep track of wh
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
en low rates expire, and pay as much as you can as fast as you can.
Don't pay others to do it for you. Do your own debt consolidation, and then make a plan to pay it off as quickly as possible.
I know you can do it!
Copyright 2006 Leo J Quinn Jr Enterprises, LLC
Don't pay others to do it for you. Do your own debt consolidation, and then make a plan to pay it off as quickly as possible.
I know you can do it!
Copyright 2006 Leo J Quinn Jr Enterprises, LLC
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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