How Do We Manage our Credit Card Debt?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
How Do We Manage our Credit Card Debt?
Expert Solution
Step 1
There are many ways to manage the credit card debt. Some of them are below:
- Pay more than the minimum amount
- Improve the spending habits
- Review all the credit report and try to control irrelevant credits
- Pay all the bills on time
- Get the credit card interest rate lowered because of timely payments and have been a long-time customer
- Build an emergency fund, it will help you to pay bill when it is needed most.
- Understand the credit utilization rate and keep it lower only.
Above are the some ways to manage credit card debt.
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