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.

Answer 1

The correct answer to this is b) Consolidate all credit cards onto a single card with a single interest rate.

Answer 2

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

Step-by-step explanation: Steps a, c and d are in correct order. First, we have to arrange our debts in order of paying them off. Second, we need to determine how much extra money we have each month that can be contributed to debt payment. And finally, we need to track our progress of paying debt. So, option b is not included in the steps.

Thus, the correct option is b. Consolidate all credit cards onto a single card with a single interest rate.