19
QuizMultiple Choice

Debt Management

Question 19 • [PERFIN] Personal Finance, Sem 2 (26-27)

Which step is not part of the 5-point credit card debt elimination plan?

Answer
A
calculate how much money you earn each month
B
list all of your current credit cards
C
add up all the amounts you have in the minimum payment column
D
pay only the minimum amount on all credit cards

Explanation

A credit card debt elimination plan typically has you pay the minimum on every card except the one you are targeting, where you pay as much extra as possible. Paying only the minimum on all cards does not actively eliminate the debt efficiently, so “pay only the minimum amount on all credit cards” is not part of the plan.

AI-written and checked against the verified answer.

Previous
Next