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GFEBS Debt Management Questions and Answers | Latest Update | 2024/2025 | Already Passed R181,72
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GFEBS Debt Management Questions and Answers | Latest Update | 2024/2025 | Already Passed
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GFEBS Debt Management Questions and Answers | Latest Update | 2024/2025 | Already Passed What is the primary goal of debt management? The primary goal is to effectively handle and repay outstanding debts while maintaining financial stability. What are common strategies for managing deb...

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  • September 19, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • gfebs debt management questions and answer late

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  • GFEBS Debt Management
  • GFEBS Debt Management

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GFEBS Debt Management Questions
and Answers | Latest Update | 2024/2025
| Already Passed
What is the primary goal of debt management?


✔✔ The primary goal is to effectively handle and repay outstanding debts while maintaining

financial stability.




What are common strategies for managing debt?


✔✔ Common strategies include creating a repayment plan, consolidating debts, and negotiating

better terms with creditors.




Why is it important to monitor debt levels regularly?


✔✔ Monitoring debt levels regularly helps ensure that repayment schedules are being met and

prevents overextension of credit.




What role does budgeting play in debt management?


✔✔ Budgeting helps allocate funds for debt repayment and ensures that spending does not

exceed income.




1

,How can individuals prioritize their debts effectively?


✔✔ Individuals can prioritize debts by focusing on high-interest or high-priority debts first while

making minimum payments on others.




What is a debt repayment plan, and why is it useful?


✔✔ A debt repayment plan outlines how much money will be allocated to each debt and helps

track progress toward becoming debt-free.




How can debt consolidation benefit someone managing multiple debts?


✔✔ Debt consolidation combines multiple debts into one loan with a lower interest rate,

simplifying payments and potentially reducing overall interest costs.




What is the impact of missed debt payments on credit scores?


✔✔ Missed debt payments can negatively impact credit scores by indicating poor financial

management and increasing interest rates on future credit.




How can negotiating with creditors help in debt management?


✔✔ Negotiating with creditors can lead to reduced interest rates, extended repayment terms, or

settlements for less than the owed amount.

2

, What are some signs that debt management might be needed?


✔✔ Signs include difficulty making minimum payments, frequent use of credit cards for

necessities, and accumulating unpaid bills.




How does tracking interest rates affect debt management?


✔✔ Tracking interest rates helps identify opportunities for refinancing or consolidating debt to

lower overall interest costs.




What are the benefits of a debt management plan (DMP)?


✔✔ A DMP can provide structured repayment schedules, lower interest rates, and eliminate late

fees while simplifying the management of multiple debts.




How can automatic payments assist in managing debt?


✔✔ Automatic payments ensure that debts are paid on time, reducing the risk of missed

payments and associated penalties.




Why is it important to review debt management strategies regularly?




3

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