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Exam 6: Using Credit

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Question 21

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Credit card users can often avoid finance charges entirely by paying their total balances by the stated due date.

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Question 22

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Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -An example of open account credit would be a bank [debit | credit] card.

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Question 23

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Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The first step to take if you are having credit difficulties would be to [talk to creditors | consult a credit counselor].

The APR on this account is 18%.Assuming the $926 does not include any interest charge,how much of your minimum payment will be used for interest?

Most of the reduction in household indebtedness is due to

After the Credit Card Act of 2009 was passed,late payments dropped but defaults increased.

Credit bureaus

A credit card user's credit rating will be harmed if she pays only the minimum monthly payment on a credit card.

Persons with very poor credit ratings can still get ____ credit cards.

A type of bankruptcy that allows one to wipe out his unsecured debt and restructure his secured debt is called

Balance transfers can be expensive,including fees and eventually high interest rates.

The "deleveraging" by consumers resulted,in part,from all but

____ would be a proper use of credit.

Ted and Karen have a combined take-home income of $4,500.Their total monthly payments on consumer debt are $875.What is their debt safety ratio? Are they exhibiting any sign of approaching credit problems?

Credit should not consistently be used for non-durable goods.

Which of the following household appliances could help you protect yourself against identity theft?

Chapter 7 bankruptcy will

The proceeds of a home equity loan can be used for just about any purpose,and the interest paid is usually tax deductible.

Clare's gross salary is $36,000 annually and her after-tax income is $28,800.What is Clare's maximum recommended monthly consumer credit payment?

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -A person who pays his credit balance off every month should look for a credit card with a [long | short] grace period.