Last Stop Before Bankruptcy or New Beginning Debt Consolidation
Continuing the series on debt reduction I had to stop production on in 2020. If you have tried all the ideas in the previous videos in this series, and still can't get your monthly debt payments low enough to cover your bills too, it's time to look at debt consolidation--but be careful. It can be a dangerous thing when used wrong.
Formulae for all the calculations used in the debt reduction series.
Monthly rate(MR) = APR/1200
Daily rate(DR) = APR/36500
Monthly interest cost using MR = (1+MR) x Unpaid balance
Monthly interest cost using DR = (1+DR) x Unpaid balance x Days in billing period
Minimum payment formulas for credit cards(most commonly used version, check your statement):
1% of unpaid balance + Monthly interest cost + fees(if any) + penalties(if any).
Minimum monthly payment for a fixed payment loan:
Monthly payment = [MR +((MR/((1+MR)^months)-1)) x principal balance + fees and penalties(if any)
Formulae for future value(FV) of periodic payments based on present value(PV) where:
r is the daily, monthly, or annual interest rate
n is the number of years on the loan
k is the frequency of compounding
PMT is the periodic payment amount
PV is the present value(0 if just starting) of the asset or account
Payment deposited at end of period:
FV = PV(1+r/k)^(nk) + ((PMT(1+((r/k)^nk)−1) / (r/k)
Payment deposited at beginning of period:
FV=PV(1+rk)^nk + (PMT(1+(r/k)^nk)−1)/(r/k)*(1+r/k)
If r=0: FV=PV+PMT×nk
Compound Average Growth Rate(CAGR) = (PV/FV)^(1/n)
Where:
PV = Present Value of asset.
FV = Future value of asset.
n = the number of compounding intervals(e.g. days, weeks, months, years)
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