For years, Jake has practiced the “buy now, pay later ” philosophy of money management. For example, he purchased a car 3 years ago with a 6-year (72 month) loan at 7% per year interest. He has refinanced the loan each year at a higher interest rate; 7.5% last year and 8.5% this year. With a serious recession anticipated in his line of work, he was told yesterday by his boss that his salary would be cut by 25% for the next 2 to 4 years. When Jake tried to refinance his car loan yet once again, the bank loan officer said that due to his multiple loan applications, his credit rating had been lowered significantly and that his current loan must be paid off in the next 6 months to recover his credit rating in the future. Provide Jake with some examples of what he could do to get his finances and credit rating in better order.