Question

Owing to his impulsive buying habits, Ronnie's unpaid credit card balances pile up to $9,000. As Ronnie does not have enough money to clear his bills, he is in a deep financial crisis. In this scenario, the first step that Ronnie should take is to:

Answer 1

In case of financial crisis where Ronnie is under debt is advised to avoid further usage of his credit card.

What is financial crisis?

Financial crisis for an individual is when he is under huge debt and lacks money to clear his dues towards the creditors. In the above case, Ronnie is under financial crisis due to a credit card bill of $9000.

Ronnie lacks money to repay the amount of debt, and thus he is advised to stop using his credit card so that his debts do not pile up more. Also, he is advised to take financial help from a friend, so he can pay the bill, and avoid reducing his credit rating.

Hence, the steps to be taken by Ronnie during the condition of financial crisis are as aforementioned.

Learn more about financial crisis here:

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