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AssignmentMultiple Select

Financial Responsibility

Question 2 • Personal Finance - EL3403

Henry is having trouble paying his rent and making minimum payments on loans and credit cards. Which should he consider? Check all that apply.

Answer
A
Apply for a larger loan at a different bank.
B
Create a budget to track income and expenses.
C
Apply for a credit card to pay for his other expenses.
D
Make less than the minimum payments on his loans and credit cards.
E
Talk to a consumer credit counseling service.

Explanation

Henry should first make a budget to see where his money is going and identify possible changes. A consumer credit counseling service can also help him make a plan for managing his debts. Taking on more credit or paying less than the required minimum could increase his debt or lead to fees and other consequences.

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