You have acquired $25,000 in debt. Your interest rate on the credit card is 18 %. Your credit score is 700. The minimum payment
is $400 a month. Develop a plan to pay off the debt. What steps will you
take? Your plan should include:
• A way to lower your interest rate (can you get one with your credit
score? Or should you shop credit cards and transfer balances?)
• A set amount you will pay that is over the minimum.
• The number of years you want it paid off in to include calculations that
your plan will work.
(open-ended answer. 2 paragraphs will work.)