Which of the following is NOT typically a strategy for managing credit card debt?

Making only minimum payments is not a recommended strategy for managing credit card debt because it often results in prolonged debt and increased interest payments over time. When individuals choose to make only the minimum payments, they may think they are in control of their finances; however, this approach can lead to a cycle of debt that is difficult to break. Minimum payments usually cover only a small portion of the principal balance and the accrued interest, meaning the total amount owed can take much longer to pay off.

In contrast, consolidating debt can simplify payments and potentially reduce interest rates, paying off high-interest cards first allows borrowers to minimize the amount spent on interest over time, and using credit wisely encourages responsible spending and debt management, helping to prevent the accumulation of debt in the first place. These strategies are generally more effective for managing and reducing credit card debt.