1. Chang is a sophomore at college and currently has

$1,500 in credit card debt. He has a work-study job and is making just the minimum payments on his credit card, using the rest of his money for entertainment and school supplies. He has no savings and wants to build a $1,000 emergency fund. Come up with an action plan whereby Chang can pay off his credit card debt and save $1,000 for an emergency fund. (LO 8-1)