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Wiki Articles - Eliminate Credit Card Debt - 3 Methods Compared
You eliminate credit card debt by paying off your credit card balances.
You can make the minimum payments (about 4% of your debt or $10, whichever is larger). But, if you only make the minimum payments, and don't charge anything
You can make the minimum payments (about 4% of your debt or $10, whichever is larger). But, if you only make the minimum payments, and don't charge anything
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
new, it may take 14 years or more to eliminate your credit card debt. The length of time largely depends on the interest rate you are being charged.
The ideal solution is stop charging things to your cards and pay more than your
The ideal solution is stop charging things to your cards and pay more than your
; 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
minimum payment each month to eliminate your credit card debt faster. People typically decide how much extra they can pay beyond the minimum required payments. Then, they pay that amount every month until they have completely elim
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
inated their credit card debt.
So, let's suppose you have four credit cards with the following characteristics:
Card 1: $3,500 balance at a 21% interest rate
Card 2: $2,500 balance at a 19.8% interest rate
Card 3: $4,000 balan
So, let's suppose you have four credit cards with the following characteristics:
Card 1: $3,500 balance at a 21% interest rate
Card 2: $2,500 balance at a 19.8% interest rate
Card 3: $4,000 balan
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e at 17.9% interest rate
Card 4: $2,000 balance at 12.9% interest rate
That totals $12,000 of debt. The current minimum payments for these cards (at 4% of the total debt) total $480.
Suppose you can add another $100 to that pay
Card 4: $2,000 balance at 12.9% interest rate
That totals $12,000 of debt. The current minimum payments for these cards (at 4% of the total debt) total $480.
Suppose you can add another $100 to that pay
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ment to make a total payment of $580. You will pay $580 each month until you have eliminated your credit card debt.
So, how do you allocate that extra $100 to the four credit cards?
The 3 Methods
There are basically thre
So, how do you allocate that extra $100 to the four credit cards?
The 3 Methods
There are basically thre
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
e methods that are suggested:
1) Add all the extra money to the card with the smallest balance.
2) Add all the extra money to the card with the highest interest rate.
3) Add the extra money proportionally to the cards based on
1) Add all the extra money to the card with the smallest balance.
2) Add all the extra money to the card with the highest interest rate.
3) Add the extra money proportionally to the cards based on
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
heir current balance.
Using method 1, you would add the $100 to the payment of Card 4 with the lowest balance. The minimum payment (4% of $2,000) is $80. So, each month you pay $180 on Card 4. This method eliminates Card 4's deb
Using method 1, you would add the $100 to the payment of Card 4 with the lowest balance. The minimum payment (4% of $2,000) is $80. So, each month you pay $180 on Card 4. This method eliminates Card 4's deb
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t after 11 months. When Card 4 is paid off, you add $180 to Card 2's payment. You then add the amount you were paying for Card 2 to Card 1. Then you pay the entire $580 on Card 3 until it is paid off.
Using method 2, you would a
Using method 2, you would a
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
dd the $100 to the payment of Card 1 with the highest interest rate. The minimum payment (4% of $3,500) is $140. You would pay $240 each month until Card 1 is paid off. When Card 1 is paid off, after 17 months, you add $240 Card
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
's payment. You continue to add the amount for a card you paid off to the next card with the highest interest rate.
Method 3 is the most complex. Here you divide up the extra $100 between the four credit cards in proportion to t
Method 3 is the most complex. Here you divide up the extra $100 between the four credit cards in proportion to t
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
he current balance. In general, the way you determine the amount to add to a payment uses the formula:
(Balance for Card)/(Total Debt)x(Added Amount)
For the first payment, the amount you add to the minimum payment for each card
(Balance for Card)/(Total Debt)x(Added Amount)
For the first payment, the amount you add to the minimum payment for each card
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
is computed as follows:
Card 1: (3500)/(12000) x $100 = $29.17
Card 2: (2500)/(12000) x $100 = $20.83
Card 3: (4000)/(12000) x $100 = $33.33
Card 4: (2000)/(12000) x $100 = $16.67
Since this is harder than the other methods,
Card 1: (3500)/(12000) x $100 = $29.17
Card 2: (2500)/(12000) x $100 = $20.83
Card 3: (4000)/(12000) x $100 = $33.33
Card 4: (2000)/(12000) x $100 = $16.67
Since this is harder than the other methods,
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
you may want to determine the amounts you add to each card only every six months or so.
How Do The Methods Compare?
All three methods will eliminate your credit card debt. So, is one method clearly superior to the other
How Do The Methods Compare?
All three methods will eliminate your credit card debt. So, is one method clearly superior to the other
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
ethods?
Here are the results:
Method 1: Add to the smallest debt. This methods will eliminate your credit card debt in 26 months. You will pay a total of $14,618 with $2,618 in interest charges.
Method 2: Add to the highest in
Here are the results:
Method 1: Add to the smallest debt. This methods will eliminate your credit card debt in 26 months. You will pay a total of $14,618 with $2,618 in interest charges.
Method 2: Add to the highest in
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
terest rate. This method will eliminate your credit card debt in 25 months. You will pay a total of $14,471 with $2,471 in interest charges.
Method 3: Allocate proportionally to balance. This method will eliminate you credit card
Method 3: Allocate proportionally to balance. This method will eliminate you credit card
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
debt in 26 months. You will pay a total of $14,551 with $2,551 in interest charges.
Using method 2 (highest interest) will save you $147 and 1 month over method 1 (lowest balance). So, compared with the $12,000 initial debt, the
Using method 2 (highest interest) will save you $147 and 1 month over method 1 (lowest balance). So, compared with the $12,000 initial debt, the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
differences between the methods is relatively minor.
So which method should you use?
If you are interested in a psychological boost by quickly paying off a debt, then pay off the smallest debt first. This will get it out
So which method should you use?
If you are interested in a psychological boost by quickly paying off a debt, then pay off the smallest debt first. This will get it out
.
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
of the way quickly.
If you are interested in paying the absolute least amount of money with the quickest debt elimination, use your excess money to pay off the debt with the highest interest rate first.
If you want to pay off yo
If you are interested in paying the absolute least amount of money with the quickest debt elimination, use your excess money to pay off the debt with the highest interest rate first.
If you want to pay off yo
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
ur debts at nearly the same time and don't mind the calculations, allocate your excess payment between all your debts.
The important fact to note is that by adding $100 to your payments you paid off your debt in just over 2 years
The important fact to note is that by adding $100 to your payments you paid off your debt in just over 2 years
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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