1. In most situations where individuals have aquired too much debt, aquiring deb
ID: 2651756 • Letter: 1
Question
1. In most situations where individuals have aquired too much debt, aquiring debt consolidation loans usually____ monthly payments and most often____ the the total amount of the interest paid on the debt.
decreases; decreases
decreases; increases
increases; increases
increases; decreases
2. Lending designed specifically for borrowers with low credit scores is called
bail-out lending.
predatory lending.
subprime lending.
credit rebuilding.
3. Refinancing a loan for more money than was originally owed is called a(n)
add-on loan.
accelerated loan.
discount loan.
garnishment.
4. What do credit bureaus do?
They share information with each other.
They lend money to people who are members of the credit bureau.
They collect and provide credit information.
They make decisions regarding who should get credit.
5. Negative aspects of using credit include which of the following?
The use of credit allows you to own expensive products sooner.
Negative aspects of using credit include both loss of financial flexibility as well as overspending.
The use of credit often leads to overspending.
The use of credit results in the loss of financial flexibility in personal money management.
6. Which of the following is a court-sanctioned procedure by which a portion of your wages are set aside by your employer to pay a debt?
garnishment
bankruptcy
debt consolidation
flipping
A.decreases; decreases
B.decreases; increases
C.increases; increases
D.increases; decreases
Explanation / Answer
1) decreases; increases
2) predatory lending.
3) Add- on Loan
4) They collect and provide credit information.
5) Negative aspects of using credit include both loss of financial flexibility as well as overspending.
6) Garnishment
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