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1.
If you are drowning in debt, it is worthwhile to speak to your creditors to try to negotiate the amounts, repayment term, and interest rate.
True. Talking to your creditors when you are overwhelmed with debt may result in positive solutions that can help you.
2.
One of the few exceptions to the rule that a creditor must sue to get a court judgment to seize funds from your bank account or place a lien on your property is the _______.
IRS. Federal law allows the IRS to seize the contents of your bank accounts and place a lien on your house for back taxes without getting a court judgment first.
3.
During what hours does the law allow debt collection agencies to call you?
Collection agencies may call only at reasonable times. The law presumes that calls before 8 a.m. or after 9 p.m. are unreasonable.
4.
Low-income consumers may be eligible for reduced rates from utility companies.
True. Many utility companies offer reduced rates for low-income consumers who have trouble paying their bills.
5.
Which of the following is true regarding an essential debt?
Payment cannot be put off long without serious consequences. The consequences for delayed payment of non-essential debts are not as severe.