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Thursday, November 21, 2024    		 
Household Math™: Cutting the budget
by Scott Bilker
Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
 
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Test your knowledge by trying to solve this DebtSmart, Household Math™ problem! After you complete the problem, you’ll get the solution and explanation.
 
1. Susan spends 30% of her income on housing expenses, 30% repaying her credit card debts, 20% on all taxes, 10% on groceries, 5% on clothing, and saves what’s left over. She decides that she wants to pay back her debt more quickly, and to do that, she needs to make a few budget cuts. Susan cuts the grocery bill by 25%, the clothing spending in half, and dedicates all the money she used to save toward the credit card debts. How much, by percentage, of her income is now being used for repaying credit card debt?
50%
45%
40%
35%
I don't know!



 

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