DeWayne has two credit cards, which he uses to pay for everything. DeWayne does not check his credit card statements regularly, so sometimes, such as when a machine at a store malfunctions, he is charged twice for the same purchase. DeWayne makes sure that he pays the minimum payment on each credit card, but most of the time he does not have enough money to pay more than the minimum payment.
DeWayne has two credit cards, which he uses to pay for everything. DeWayne does not check his credit card statements regularly, so sometimes, such as when a machine at a store malfunctions, he is charged twice for the same purchase. DeWayne makes sure that he pays the minimum payment on each credit card, but most of the time he does not have enough money to pay more than the minimum payment.
Chapter7: Credit Cards And Consumer Loans
Section: Chapter Questions
Problem 4FPC
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DeWayne has two credit cards, which he uses to pay for everything. DeWayne does not check his credit card statements regularly, so sometimes, such as when a machine at a store malfunctions, he is charged twice for the same purchase. DeWayne makes sure that he pays the minimum payment on each credit card, but most of the time he does not have enough money to pay more than the minimum payment. Recently, something has happened so that DeWayne cannot even pay the minimum payments on his credit cards. DeWayne has stopped making payments for his mortgage (a loan used to buy a house) because he does not have enough money. He is worried because he doesn't have any investments or large savings accounts. On a rainy Wednesday, DeWayne receives a phone call from the bank. He is in debt.
Use the list "How to get out of debt" to make five different suggestions to help DeWayne deal with his debt.
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