To free up more money to pay down his credit card debt, James should cut back on other expenses. This option allows him to reduce his overall spending in various categories, which can help him create a budget that enables him to allocate more funds towards paying off his credit card debt, rather than addressing fixed costs like rent.
James has prepared his income statement: Income Salary 3,500 Tax withholding (490) 401(k) 0 Health insurance (210) Net salary 2,800 Total net income $2,800.00 Expenses Rent (900) Utilities (325) Internet (62) Credit card payments (200) Food (625) Clothes (200) Transportation (200) Entertainment (400) Total expenses $2,912.00 Difference ($112.00) How can James free up more money to pay down his credit card debt? (1 point) Responses He has to pay less in rent each month. He has to pay less in rent each month. He has to complete an income statements every month. He has to complete an income statements every month. He has to cut back on other expenses. He has to cut back on other expenses. He has to start contributing to his 401(k). He has to start contributing to his 401(k). Skip to navigation
1 answer