After reviewing Brenda's current financial situation, Ronald, her friend, assesses that she has an unpaid credit card balance of $4,500, on which an annual percentage rate of 15% is applicable. In this case, the best advice that Ronald can give Brenda is to:
A) increase the annual percentage rate on her credit cards.
B) switch credit card companies as many companies offer benefits such as frequent-flier miles.
C) keep using the card and not to worry about the balance because all interest is tax deductible.
D) place a high priority on eliminating her credit card balance as quickly as possible.

Question

Quizplus · Accepted Answer

Paying off high-interest debt like credit card balances should be a priority to avoid accumulating more interest and financial strain.

After Reviewing Brenda's Current Financial Situation, Ronald, Her Friend, Assesses