Spencer is working with his financial advisor to create some personal financial goals for the next year. One of his goals is to reduce the amount of debt he has. Which statement could make his goal specific and timely?A.
He should focus on just his student loan debt and give himself a deadline of five years.
B.
He should ask a friend to be his accountability partner and remind him of his goal every two weeks.
C.
He should review his current finances to determine how much he can allocate to his goal.
D.
He should pay only the minimum payment on his credit card statement each month.

The statement could make his goal specific and timely is A. He should focus on just his student loan debt and give himself a deadline of five years.

What is Debt?

Debt is when one party borrows something—typically money—from another. Many businesses and individuals turn to debt in order to finance major expenditures that they would not otherwise be able to make.

A debt agreement permits the borrowing party to borrow money with the requirement that it be repaid at a later time, typically with interest. Many businesses and people turn to debt in order to finance major expenditures that they would ordinarily find difficult to make.

In a financial agreement based on debt, the borrower is given permission to borrow money with the understanding that it must be repaid later, typically with interest.

Secured, unsecured, revolving, and mortgaged debt can all be categorized into one of four groups.

Financial goals-

Financial goals are aspiration for savings and spending your money. It can be helpful to visualize how you want to handle your finances for your personal and professional interests.

The financial goals can be of long term and short term.

Hence, A. is the correct answer.

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Answer:

He should focus on just his student loan debt and give himself a deadline of five years.

Step-by-step explanation:

I just got this answer right on Plato.