Olivia found herself in over $10,000 worth of credit card debt after she graduated from college. Most of her purchases on her credit cards came from purchases at the mall which included clothing, shoes, and purses. She also used her credit cards to finance her vacation to Mexico during spring break. Overwhelmed by her high credit card balances, Olivia has decided she wants to start digging herself out of credit card debt. What is the first step she should take?

Question

Business

Esther Lloyd

20 October, 13:31

Olivia found herself in over $10,000 worth of credit card debt after she graduated from college. Most of her purchases on her credit cards came from purchases at the mall which included clothing, shoes, and purses. She also used her credit cards to finance her vacation to Mexico during spring break. Overwhelmed by her high credit card balances, Olivia has decided she wants to start digging herself out of credit card debt. What is the first step she should take?

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Answers (1)

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Sean Henson · Answer 1

stop using her credit card

Explanation:

Based on the information provided within the question it can be said that the first step that Olivia should take is to stop using her credit card. People have adopted a consumer culture, and that has skyrocketed since the invention of the credit card, as it makes it easy for individuals to impulse buy something even if they do not have the money for it. By switching from credit card to cash only it will allow you to not overspend and make hasty impulse buys, thus allowing you to save money and hopefully get out of credit card debt.