Debt Management Strategies for Beginners

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Debt Management Strategies for Beginners

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Question 1
Which of the following best defines debt consolidation?

(A) Combining multiple debts into one loan with a lower interest rate

(B) Refinancing one debt without considering others

(D) Focusing on paying off the largest debt first

Question 2
Which repayment strategy advocates paying off debts with the highest interest rate first?

(A) Debt avalanche method

(B) Debt snowball method

(D) Debt consolidation method

Question 3
If you are overwhelmed with several credit card debts, which technique could best help simplify your repayment process?

(A) Debt consolidation

(B) Increasing credit card limits

(D) Debt forgiveness

Question 4
When negotiating with creditors, what is a common objective of such discussions?

(A) To increase the total amount owed for better terms

(B) To require immediate full payment to close the account

(D) To lower the interest rate or modify the payment schedule

Question 5
In debt prioritization strategies, what does it mean to prioritize your repayments?

(A) Paying off debts by their due date regardless of interest rate

(B) Paying off low-interest debts first

(D) Focusing on paying off high-interest debts first

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