ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Helped
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Hurt
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Either A or B
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None of the above
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Detailed explanation-1: -Your Debt Will Go to a Collection Agency “Lenders frequently raise your interest rate when you begin to default on your payments after 60 days, ” Solomon says. “If you miss a third payment, your account will most likely be closed, and you will be required to pay the entire balance.
Detailed explanation-2: -Stop acquiring new debts. Know how much you owe. Create a budget. Cut your spending. Find ways to earn more money. Utilize the debt snowball or debt avalanche method. Negotiate with your creditors for better rates. Explore debt relief options. 28-Feb-2022
Detailed explanation-3: -Use your tax refund check to pay down debt. Sell items for cash. Consider cashing in your life insurance. Make more money. Do a credit card balance transfer. Use a statute of limitations law to eliminate old debt. More items
Detailed explanation-4: -Increase the amount you pay monthly toward your debts. Ask creditors to reduce your interest rate, which would lead to savings that you could use to pay down debt. Avoid taking on more debt. Look for ways to increase your income. More items