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The primary purpose of good credit is to save you money by helping you procure lower interest rates that otherwise would not be available to you. Interestingly, some consumers fail to recognize this fact when considering the appropriate option for debt resolut

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

ion. The main reason for this is a lot of people interpret their credit on an emotional level instead of a rational one. That is, they think of their credit score as something more than it is---something more than just ONE tool that lenders look at to determi

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

e whether giving you a loan will be profitable for them---and it becomes a matter of pride, not a matter of financial health. In the end, the mistake of thinking about one’s credit on an emotional level instead of a rational one can cost a consumer buried in cr

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

dit card debt and only able to afford minimum payments thousands of dollars in finance charges and even more in the years of life consumed by financial anxiety.

Another part of the problem is that most people, even when trying to tackle the issue rationally, d

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

not understand what makes up their credit score. The largest components of your credit score---your credit history and the amount you owe---are both influenced by debt settlement, one negatively (credit history) and one positively (the amount you owe). Altho

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ugh your credit history is marginally more important than the amount you owe when factoring your score, the difference (5%) is rarely enough to compensate for the savings from enrolling credit card debt into a settlement program. The more money you’re able to

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

ave from enrolling in a debt settlement program, the less the credit impact should be considered a factor. Why? Because any higher interest rates that you’ll end up paying down the road as a result of the credit impact will rarely outweigh the money you saved

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

by settling credit card debt. So who in the end benefits the most from a settlement program----1) people who owe a lot; 2) people who can only afford to pay the minimums; 3) people who are paying high interest; and 4) all of the above. To illustrate this poin

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

, consider the following examples.

Let’s assume that you owe $30,000 in credit card debt. Your average annual percentage rate on these cards is 19 percent, and you are only able to afford the minimum monthly payment, which in your case adds up to $750 total.

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

Given this scenario, it would take you approximately 12 years and $108,000 before finally you dug out of debt. In a debt settlement program, however, it would take approximately 3 years and $16,500 total to eliminate your debt. That’s a $91,500 difference v

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

rsus making the minimum payments. Rarely will your subsequent higher interest rates ever make up the savings from debt settlement, especially when you consider the fact that you can always refinance any loans once you’ve built up enough equity.

One of the mos

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

frustrating things to come across in our industry is a consumer who owes a lot and is only able to afford the minimums, but was still unwilling to sacrifice their credit even in the slightest bit in order to climb out of debt and save money. I recently dealt

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ith a consumer from the South Side of Chicago who was $40,000 in the hole with credit cards. His interest rates were at 29 percent and he was only able to afford the minimum payments, which amounted to $1700 total in his case. When he tried to convince the cr

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

editors to lower the rates, they simply told him that based on the amount of outstanding debt on his credit report he was too much a credit risk, so they needed to charge him higher interest. When he tried to obtain a home equity loan, he was turned down for t

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e same reason, even though his credit score was in the high 600s. Yet when I mentioned that our debt settlement program might impact his credit negatively, he scoffed. There was no way he would ever affect his credit negatively. At the end of our conversatio

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

, I tried to referring him to our affiliate credit counseling company, but he wasn’t interested because enrollment in a debt management plan would appear on his credit. His decision to stay on course with the minimum payments will ultimately cost him over $20,

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

00 a year and probably his young children the opportunity to attend a 4 year college, maybe more.

By failing to be realistic and rational in his approach to the impact of debt settlement on his credit, this consumer worsened his financial situation significant

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ly. He thought of his credit score not as something that can save him money by getting him lower interest rates on loans, but rather as some sort of social marker on where he was at in life. He considered the idea of a negatively affected credit score probabl

.

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

much like someone in the Middle Ages thought about the idea of being excommunicated or the way a 14 year old feels about not being part of the “in crowd” at school.

When considering your debt resolution options, I urge you to look at the options available to

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ou realistically. When comparing debt settlement to the other options available to most consumers I find myself paraphrasing the famous Winston Churchill quote on democracy:

Debt settlement is the worst form of debt resolution, except for all the rest of them

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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