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Advice You - Can I Save Money Paying off Credit Card Debt with a Second Mortgage?
Unfortunately there is no simple answer to this question. The answer could be yes or it could be no depending on a
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
number of factors. In general credit card debt carries a significantly higher interest rate than the average second
; 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
mortgage but whether or not you are actually saving money by consolidating the credit card debt will depend on the
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
amount of credit card debt as well as the terms of the second mortgage and the refinancing costs.
The most promin
The most promin
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nt advantage to paying off credit card debt with a second mortgage is a reduced interest rate. Most credit cards ha
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ve interest rates which are significantly higher than the interest rates offered on mortgages. The compounding inte
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
rest associated with credit card debt where debtors wind up paying interest on the original debt plus additional in
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
terest can be very costly. Conversely a simple interest second mortgage does not have this same effect. Homeowners
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
njoy lower monthly payments with lower interest rates and these lower payments enable the homeowner to save more mo
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
ney each month.
The other advantage is tax deductibility. The interest paid on a home loan is often tax deductible
The other advantage is tax deductibility. The interest paid on a home loan is often tax deductible
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
but homeowners should consult a tax expert to ensure the interest on their second mortgage used to repay credit ca
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
rd debt would be deductible. If homeowners are able to deduct this interest, it can result in an overall savings fo
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
the homeowner. Homeowners who are not able to deduct this interest still enjoy the savings associated with the low
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
er fixed mortgage rate or adjustable rate mortgage they choose.
The first thing to remember when deciding whether
The first thing to remember when deciding whether
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
or not to consolidate credit card debt under the umbrella of a home equity loan or second mortgage is the refinanci
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
ng costs involved. There are often a number of fees involved in refinancing a home including closing costs, loan or
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
gination fees and application fees. All of the fees involved should be examined closely and these fees should be co
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
mpared to the amount the homeowner would save in interest by refinancing their home to pay off their credit card 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
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
bt. If the savings is higher than the cost of refinancing paying off the credit card debt will result in a savings.
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
If the savings is not greater than the associated closing costs refinancing would not result in an overall savings
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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