Business and Personal Finance © 2007

Unit 2: Banking and Credit

BusinessWeek Finance File

Create a Workable Solution

You are the CEO of a debt collection agency. Find a creative solution for this family to be able to pay their debts. This family of four had a combined gross income of $52,000 until the father hurt his back. He will not be able to return to work for three months. Now their gross income is $29,500. Their monthly payments include mortgage: $820; car payment: $300; credit cards: $175; heating and electricity: $150; gasoline: $75; food and clothing: $400. Write your solution down in the form of a proposal to the family.

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