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Banks are seeing a trend in some Canadian student profiles when it comes to debt. Their reports show one typical profile where a student starts

Banks are seeing a trend in some Canadian student profiles when it comes to debt. Their reports show one typical profile where a student starts with their first credit card after age 18 along with a student tuition loan. The student maxes out on the credit card limit within a short timeframe. The credit card company helps by increasing the limit. The student then applies for another credit card from another bank to transfer the original credit card balance to a lower interest rate credit card, all while continuing to run up the debt on the original credit card. The student then finds themselves in a difficult position where they can no longer pay the amounts in full nor the minimum amount, so they seek to consolidate their debt using a line of credit with lower interest rates to transfer the balance. This is somewhat of a temporary relief, as the spending continues. In this scenario, this student profile has four loans (two credit cards, tuition loan, and a line of credit). To regain financial control, what are the best actions for this type of spending profile to take?
I) Use a debit card or live on cash to ensure spending is within means
II) To pay down debts, get a part-time job, a second part-time job or increase the work hours if the current job is an hourly paid role
III) Apply for another credit card
IV) Request an increase in the credit card limit
V) Prepare a budget to eliminate unnecessary costs and to limit spending to what is in the budget
a) II, IV, and V
b) I, II, and V
c) II, III, and IV
d) I, III, and IV
e) I, IV, and V

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