Paying off all credit card debt is an example of which step of financial planning?
A) take a financial inventory
B) know where your money goes
C) execute the plan
D) monitor and assess your plan
E) create a budget
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Question
Paying off all credit card debt is an example of which step of financial planning?
A) take a financial inventory B) know where your money goes C) execute the plan D) monitor and assess your plan E) create a budget Answer
15
Seconds
C) Executing the plan largely involves cutting expenses. Carrying a balance on your credit cards is financial suicide. Most credit card companies charge more than 18 percent on unpaid balances. Therefore, pay down your credit card debt before depositing money into a savings or investment account.
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