Scenario: You are 30 years old, married, have two children, and household income take home pay) of $3,500 per month. Your credit and consumer debt is as follows: . Car loan, 6% Interest rate, $10,000 balance, $295 per month Department store card, 28% interest rate, $600 balance, minimum payment 5% of balance Discover Card, 12% Interest rate, $2,000 balance, minimum payment 2% of balance VISA Card, 13% interest rate, $3,000 balance, minimum payment 2% of balance MasterCard 1,14% interest rate, $4,000 balance, minimum payment 2% of balance After paying off all of your credit card balances, should you cancel all of your cards? No, there are perks and rewards programs of which I can take advantage, but I will pay the balance in full each month from now on. O No, discontinued credit cards will have a negative effect on my credit score. No, there are instances, such as when making a hotel reservation or renting a car, when a credit card is required. O All of these are reasons for keeping and managing wisely some credit cards. You have an incorrect charge on your VISA card. What is the first step you should take to resolve this error? Contact the credit bureau and file a complaint. Send a notice in writing to the credit card issuer, Notify the merchant involved