Copy of PROJECT : Do-It-Yourself Debt Relief

PROJECT: Do-It-Yourself Debt Relief Madison Anybody graduated from college 5.5 months ago. It took 5 months to find a job, but now she’s gainfully employed in a career aligned to her major, and it’s your job to help her manage her debt in the most responsible way possible. Part I: Review Madison’s Profile Review Madison’s profile and her cash flow from last month. Circle or highlight any important facts or values that you find important. Madison’s Profile: Madison’s Monthly Cash Flows ● 23 years old ● Fortunate to have a credit history going back 7 years, first as an authorized user on her mom’s credit card, then a cosigned credit when she started college, and a store credit card when she turned 21 ● Was living with her dad, rent-free, before she got the job. Had to move 1.5 hours from home into an apartment shared with another friend in order to make the commute to work manageable ● Grandma was so excited Madison graduated from college, that she gave her a $3000 down payment for a hybrid car, which Madison bought a few months back. She’s only made 2 payments so far, but she loves the car and it’s great on gas. ● Is aware of how important it is to maintain a good credit score, so doesn’t want to fall behind on any payments ● Has decided to stop spending on her credit card until she’s got her debts paid down ● Has only $200 in her savings account and no other options for an “emergency” ● Knows she should participate in her company’s 401(k), because the