Debt

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Debt

Select all consequences of having too much debt. *

1 point

There’s no financial cushion for a rough period

Your credit rating could take a hit if you miss payments

Your debt may worsen because you need to use credit to pay for emergencies

All of the above

Required

When should you call your lender and ask for help restructuring payments? *

1 point

It doesn’t matter

After you miss payments

Before you miss payments

When you default

What is debt? *

1 point

Debt is the money you still need to back when you use credit

Debt is the payment schedule on a loan

Debt is the extra money that a lender charges you for a loan

Debt is the annual percentage rate on a loan

All credit counseling agencies are reputable. *

1 point

True

False

With net worth, what’s a sign that you might have too much debt? *

1 point

That you went to an expensive dinner

That you own more than you owe

That you owe more than you own

That you have more than one credit card

What two methods help you decide which debt to pay off first? *

1 point

The snowball method

The avalanche method

The thunderstorm method

The big dog method

Required

What’s the first step in managing debt? *

1 point

Finding money in your budget to go toward payments

Calling a credit counselor

Bankruptcy

Debt consolidation

What’s one example of good debt? *

1 point

Using a credit card to pay for clothes that you can’t afford

Getting an expensive watch that takes a year to pay off

Taking out a loan to pay for a new video game system

Getting a student loan that leads to a better paying job

What are two ways that people get into trouble with debt? *

1 point

They create a savings fund for a vacation

They use a debit card instead of a credit card

Their income changes and they can no longer afford their debt

They spend too much money using credit

Required

What’s the best way to free up money for debt payments? *

1 point

Use your credit card more

Take out a loan

Reduce “want” expenses and use the money for payments

Reduce “need” expenses and use the money for payments

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