1) If you have a revolving credit account, credit card companies prefer if you: a) Pay your entire balance to them every month b) Pay nothing each month c) Pay only the minimum payment to them every month d) Pay most of your balance off every month 2) Which of these is considered a "good" debt? a) Credit card debt b) Mortgage c) Cash advance loan d) Overdraft 3) What does it mean for debt to be unsecured? a) Debt under a consolidation plan b) Debt that a credit card company believes is unlikely to be paid back c) Debt not backed by collateral d) Debt that doesn't increase in interest 4) Which of these is NOT a benefit of debt settlement? a) It will eliminate your debt b) You can pay less than what you owe c) It won't hurt your credit 5) Which of the following is NOT a benefit of consolidating your loans? a) It will get you a lower interest rate b) It will get you out of debt faster c) It will simplify your debt payments 6) Which of the following should be considered a last resort to debt settlement? a) Bankruptcy b) Debt settlement c) Debt consolidation loan 7) What is the maximum number of years bankruptcy can stay on your credit for? a) 5 years b) 7 years c) 10 years

Finance Quiz

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