Debt Management Answers

Julius currently pays the minimum monthly payment of $34.15 on his credit card, which has a balance of $1,289. His credit card has an APR of 20%. If Julius wants to pay off the balance in 12 months, determine the monthly payments he needs to make. Choose the following modification with the least cuts to his current expenses that will allow Julius to pay off his credit card balance in 12 months.IncomeWages$2,456.00ExpensesRent$900.00 Utilities$186.35 Food/Clothes$298.00 Entertainment$330.00 Car$385.00 Credit Card$34.15 Cell Phone$89.49Net Income $233.01

Which of the following is least likely to be a warning sign that one's debt is at a critical point?

Brandon has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest rate. The table below shows the information about the two credit cards Brandon currently uses. Card ACard BAmount$1,463.82$1,157.98APR13%17%Monthly Payment$24.60$22.14After 8 years, how much will Brandon have saved in interest by consolidating the two balances?