Strategic planning for partnership transition.
Linda's impending partnership buyout promises financial security, but she's haunted by a recurring weakness: impulsive spending, particularly on luxury items. Recently, a short-term cash crunch led her to consider a payday loan to cover an unexpected $500 expense. This impulsive decision threatened to derail her carefully crafted retirement plans and jeopardize the significant gains from her upcoming buyout.
Using Golden Door Asset's Payday Loan Calculator, we illustrated the exorbitant interest rates and fees associated with payday loans. The calculator revealed that a $500 loan could quickly balloon into a significantly larger debt, costing her hundreds of dollars in fees. Presenting these figures jolted Linda into recognizing the danger and we then used the Personal Loan Calculator to evaluate a responsible alternative to consolidate some existing debt.
The Payday Loan Calculator was easily integrated into Linda's financial overview, showcasing the potential costs in a clear, visual format. The results were then used to build a comprehensive plan including the Personal Loan Calculator and Student Loan Calculator.
$3,000 in avoided payday loan fees, and the creation of a debt management plan that projects to save $15,000 in interest over the next 3 years.
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