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 2 years ago
Can someone help me with this problem please?!!!!!
You have four credit cards. Each has a balance of $450.00, but their credit limits are $800.00, $1,200.00, $1,300.00, and $1,500.00. Paying off and closing which card would decrease your debt ratio? (1 point)
 2 years ago
Can someone help me with this problem please?!!!!! You have four credit cards. Each has a balance of $450.00, but their credit limits are $800.00, $1,200.00, $1,300.00, and $1,500.00. Paying off and closing which card would decrease your debt ratio? (1 point)

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barrelracer23
 2 years ago
Best ResponseYou've already chosen the best response.0@amistre64 can you help me with this problem please? I dont want the answer, just need help with it.

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1what defines a debt ratio? if memory serves it is balance/debt but i might have that upside down

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1is a rule of thumb, the bigger the bottom number, the lower the value; so you want the card with the smallest balance to get the biggest debt ratio owed

barrelracer23
 2 years ago
Best ResponseYou've already chosen the best response.0yeah its debt/limit

barrelracer23
 2 years ago
Best ResponseYou've already chosen the best response.0So would I want to pay off the card with the largest amount first?

amistre64
 2 years ago
Best ResponseYou've already chosen the best response.1"Paying off and closing which card would decrease your debt ratio?" Paying off any of them would decrease your debt ratio. Paying off which one would decrease it the most? the card with the highest debt ratio of course

barrelracer23
 2 years ago
Best ResponseYou've already chosen the best response.0Ahhhh... I see, if I just pay it off and dont close it ill still have the same debt ratio right?

barrelracer23
 2 years ago
Best ResponseYou've already chosen the best response.0it was the smallest
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