During Jennifer’s first year of college, she and her friends made a weekly trip to the mall. Most of the time they would just ha
ng out, but Jennifer had applied for several store credit cards. It didn’t seem like a big deal. She would buy a few things each week, and the card made it really easy. Jennifer had a work-study job on campus, but with all her other bills, she was having a hard time making the card payments. At the end of the semester she was $2,000 in debt and was two months behind making the minimum payments. How could Jennifer have avoided this situation?
a.Called each of the creditors and ask for a decrease in her interest rate.
b.Used a debit or prepaid credit card when shopping at the mall, so she would not be able to spend more than she can reasonably afford.
c.Applied for one major credit card, rather than several store credit cards, as the interest rate would be lower.
dAsked for a raise at her work study job to help her pay her debts.
2. Which is a possible outcome of Jennifer’s careless financial behavior?
a.She might not be approved for future student loans.
b.She will be well-qualified for a mortgage when she looks to purchase her first home.
c.She will improve her credit score by having multiple active credit accounts.
d.She will be able to roll all of her lower-limit store credit cards into one larger-limit major credit card, such as a Visa or Mastercard.
3. What is one thing Jennifer can do to correct her situation?
a.Choose the card with the highest outstanding balance and only make payment to that one until it is paid off. Once paid off, start making payments to the card with the second highest balance.
b.File for bankruptcy
cDrop out of school to get a full-time job so she can pay off her debt.
d.Meet with a trustworthy financial advisor who can help her establish a plan to pay off her outstanding debt and teach her how to use credit cards responsibly.
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