ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They can work with those who loaned you money to set up a repayment schedule you can afford to make.
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Get a collateralized loan
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Find a open-ended Department store charge card.
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None of the above
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Detailed explanation-1: -Your counsellor will look at everything you owe and will negotiate with your creditors for a more affordable repayment rate and even better repayment terms. In turn, your debts may take longer to pay off, but your monthly instalments will be far more manageable.
Detailed explanation-2: -Take account of your accounts. Check your credit report. Look for opportunities to consolidate. Be honest about your spending. Determine how much you have to pay. Figure out how much extra you can budget. Determine your debt-reduction strategy.
Detailed explanation-3: -Stop Borrowing Money. Track Your Spending. Set up a Budget. Create a Plan to Pay Off Debt: Try a Debt Snowball Method. Pay More Than the Minimum Payment. Consider Balance Transfers & Debt Consolidation. Renegotiate Credit Card Debt. Create a Family Budget. More items
Detailed explanation-4: -#1. Stop Spending Now. #2. Add Up Everything You Owe. #3. Calculate Minimum Payments. #4. Look for Debt Consolidation and Balance Transfer Opportunities. #5. Make a Budget. #6. Look for Moneysaving Opportunities.