Option which does not help Olya to reduce her debt is to skip a month or two paying for her school loan and put the money towards her credit card debt.
<h3>What is monthly payment?</h3>
Monthly payment is the payment which has to paid against the loan amount or the borrowed money calculated with interest rate.
Olya would like to find a way to reduce her current debt. The table below shows Olya’s monthly income, expenses and net income.
- Monthly budget amount Income wages
- $2,750.00 expenses rent
- $850.00 utilities
- $236.54 entertainment
- $410.00 food
- $220.00 cell phone
- $114.98 credit card
Olya could spend less on entertainment each month and put the money towards her credit card payment. By this way she can pay the credit card payment faster.
In the second option, she has to skip the montly payment of her school loan which is not possible.
Olya could spend less on food each month and put the money towards her credit card payment. Similar to first option, this way also she can pay the credit card payment faster.
Hence, the option which does not help Olya to reduce her debt is to skip a month or two paying for her school loan and put the money towards her credit card debt.
Learn more about the monthly payment here;
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