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1.
Payday loans are so called because you are obligated to pay them back when you receive a paycheck from your job.
True. Payday loans are a means of getting fast cash, which you must pay back on your payday. Hefty fees are taken out.
2.
When negotiating with a lender about overdue mortgage payments, the lender may offer you several options to help you avoid foreclosure, including _______.
Rewriting the loan. Many lenders would rather take steps such as rewriting the terms of the loan than foreclosing on the loan.
3.
If you have questions about the type of collection practices that are allowed, contact the _______ in your state to see what the state law allows.
Consumer protection office. Your state's consumer protection office will have information about state laws governing credit collection practices that operate together with federal regulations.
4.
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.
5.
If you owe back taxes, the IRS _______.
Can garnish your wages without having to sue you first. The IRS does not need to sue you for this.