The Best Way to Stay Out of the Debt Hole

question 78

Multiple Choice

The best way to stay out of the debt hole is to:

• A) Never get a credit card
• B) Get a credit card, but never use it
• C) Get a credit card, and use it when needed
• D) Get a credit card, but carefully manage its use and repayment

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Definitions:

Equal

Pertaining to being the same in quantity, size, degree, value, or status.

Intergenerational Mobility

The change in social status or class from one generation to the next within a family or across different families.

Intragenerational Mobility

Status movement throughout one’s lifetime.

Socioeconomic Status

Socioeconomic status is a measure of an individual's or group's economic and social position in relation to others, based on income, education, and occupation.