Question

Which of the following is not a step in creating a debt payment plan? a. Rank all debts in the order in which you would like to pay them off. b. Consolidate all credit cards onto a single card with a single interest rate. c. Determine how much extra money you have each month that you can dedicate to debt payment. d. Focus on paying off a single credit card at a time while paying the minimum balances on all other credit card accounts. Please select the best answer from the choices provided. A B C D

Answer 1

Answer:

b. Consolidate all credit cards onto a single card with a single interest rate.

Explanation:

When a debt payment plan is initiated then, it is decided according to the outstanding amounts, that which shall be paid first and the order of payment for remaining debts.

For this monthly income and expenses are to be evaluated, in order to decide how much payment shall be made accordingly, in each month.

But this entire process do not involve the step of aggregating all the cards so that there is only one card with the same payment. There is no relation to any such payment.