How to manage your credit card debt
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
How to manage your credit card debt
Credit card debt can be a major financial burden and it’s important to manage it effectively. Here are some steps to consider when managing your credit card debt:
Assess your current situation: The first step in managing your credit card debt is to assess your current situation. This includes identifying how much debt you have, the interest rates on your credit cards, and the minimum payments required.
Create a budget: Once you have a clear understanding of your credit card debt, you can create a budget. A budget will help you manage your expenses and allocate money towards paying off your credit card debt.
Prioritize your credit card debt: Prioritize your credit card debt by paying off the card with the highest interest rate first. This will save you money in the long run as it will reduce the amount of interest you have to pay.
Make more than the minimum payments: Making only the minimum payments on your credit card debt will prolong the time it takes to pay off your debt and will result in paying more in interest over time. It’s important to make more than the minimum payments when possible.
Consolidate your credit card debt: If you have multiple credit card debts, consolidating them into one loan can simplify the process of paying off your debt and lower the overall interest rate.
Consider a balance transfer: Balance transfer is a method of moving debt from one or more credit cards to a single card with a lower interest rate. This can help you save money on interest and make it easier to pay off your debt.
Cut your expenses: Cutting your expenses will help you free up more money to put towards paying off your credit card debt. This may include things like cutting back on dining out, entertainment or subscriptions.
Increase your income: Increasing your income can also help you pay off your credit card debt faster. This may include taking on a part-time job, renting out a room in your home, or selling items you no longer need.
Seek professional help: If you are struggling to manage your credit card debt, consider seeking professional help. This can include working with a financial advisor or credit counselor to develop a plan to pay off your debt.
Managing credit card debt is not easy, but it’s an important step in achieving financial stability. By assessing your current situation, creating a budget, prioritizing your credit card debt, making more than the minimum payments, consolidating your credit card debt, cutting your expenses, increasing your income and seeking professional help when necessary, you can effectively manage your credit card debt and work towards becoming debt-free.
In conclusion, credit card debt can be a major financial burden, but it’s important to manage it effectively. It involves assessing your current situation, creating a budget, prioritizing your credit card debt, making more than the minimum payments, consolidating your credit card debt, cutting your expenses, increasing your income, and seeking professional help when necessary. It’s important to remember that managing credit card debt is not easy, but with discipline, consistency and a well-thought-out plan, it is possible to become debt-free.
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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How to manage your credit card debt