With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False
2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False
3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False
4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False
5: Accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False
6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False
7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False
8: In exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False
9: “Dead Man Walking” was an example of companies scamming citizens out of their social security benefits.
True
False
10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False
Katie
#1 by B D on June 16, 2010 - 7:46 am
Oscar
1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. True
10. True
#2 by Su J on June 17, 2010 - 6:29 pm
Cory
1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. False (“dead man walking”-refers to cancellation of social security benefits/etc. due to erroneous or fraudluent production of a death certificate in one’s nme or soc sec#.)
10.True
#3 by pob14@sbcglobal.net on June 19, 2010 - 12:39 am
Floyd
Seriously, poke around this forum and others for a little while. Take a look at all the people who have screwed themselves over because they didn’t understand how credit worked, or didn’t realize how fast they could get themselves in too deep.
Think about that for a while, and try to understand why doing your own homework and actually learning something is a better idea than just getting the answers fed to you on the Internet.
Good luck to you.