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1.
Which of the following is NOT an example of an essential debt?
The monthly minimum payment on an unsecured credit card. Though not a good idea, a payment can be skipped without truly severe consequence.
2.
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.
3.
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.
4.
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.
5.
What should you do if you are behind on your payments on your home, credit cards, or other loans?
Contact them to see what steps can be made. Many times, your creditors will want to work with you to avoid hassles, expenses and lost revenue due to the actions they would have to take.