Questions: Which debt repayment method begins with arranging your debts by interest rate from highest to lowest, making the minimum payment for all debts, and paying off the loan with the highest interest rate first? Select one: a. conglomeration b. consolidation c. the snowball method d. the avalanche method

Which debt repayment method begins with arranging your debts by interest rate from highest to lowest, making the minimum payment for all debts, and paying off the loan with the highest interest rate first? Select one: a. conglomeration b. consolidation c. the snowball method d. the avalanche method
Transcript text: Which debt repayment method begins with arranging your debts by interest rate from highest to lowest, making the minimum payment for all debts, and paying off the loan with the highest interest rate first? Select one: a. conglomeration b. consolidation c. the snowball method d. the avalanche method
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Solution

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Answer

The answer is d. the avalanche method

Explanation
Option a: conglomeration

Conglomeration is not a recognized debt repayment method. It generally refers to the process of combining multiple entities into a single group, often used in business contexts.

Option b: consolidation

Debt consolidation involves combining multiple debts into a single loan, often with a lower interest rate, to simplify payments. It does not specifically focus on paying off debts in order of interest rate.

Option c: the snowball method

The snowball method involves paying off debts from the smallest balance to the largest, regardless of interest rate. This method focuses on building momentum by quickly eliminating smaller debts.

Option d: the avalanche method

The avalanche method involves arranging debts by interest rate from highest to lowest, making minimum payments on all debts, and using any extra funds to pay off the debt with the highest interest rate first. This method minimizes the total interest paid over time.

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