Personal Finance Courses: Credit

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1.
Paying the minimum monthly payment on your credit is affordable, but a major downside is that it takes much longer to pay off.
Choose wisely. There is only one correct answer.
True. The less you pay each month, the longer it takes to pay off. Plus, you pay a huge amount of interest.
2.
Opening several new credit accounts in a short period of time can result in an improved credit score.
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False. Opening several new credit accounts in a short period of time can result in a lowered credit score.
3.
Some credit cards target those with bad credit. These credit cards usually have which of the following?
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All of the above. Generally, all of these rates and fees will be in effect. Additional fees may also be charged.
4.
An example of revolving credit is _______.
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A credit card agreement. Credit card agreements are an example of revolving credit.
5.
When you are in the market for a credit card, one of the best ways to do comparison shopping is to make use of _______.
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The Internet. There are Websites that provide comparisons of different credit card programs, and many credit card providers use the Internet to make information about their programs easily available.
6.
During what hours does the law allow debt collection agencies to call you?
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Collection agencies may call only at reasonable times. The law says that calls before 8 a.m. or after 9 p.m. are unreasonable.
7.
How long can a bankruptcy stay on your credit report?
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Seven or 10 years, depending on the type of bankruptcy. At present, they can stay this long.