Home > Basics > Beginner
Basics Beginner: Consumer Credit Counseling Agencies

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
The primary purpose of a consumer credit counseling agency is to help consumers file for bankruptcy.
Choose wisely. There is only one correct answer.
False. The primary purpose of a consumer credit counseling agency is to help consumers pay off debts and stabilize their finances.
2.
A consumer credit counseling agency can help you get out of debt by working closely with your _______.
Choose wisely. There is only one correct answer.
Creditors. A major function of a consumer credit counseling agency is to serve as a liaison between you and your creditors.
3.
A big advantage of working with a consumer credit counseling agency is that you pay only a small portion of your unsecured debts.
Choose wisely. There is only one correct answer.
False. If you agree to a consumer credit counseling agencys debt-management plan, you agree to pay all debts in full.
4.
A consumer credit counseling agency generally may help you in all of the following ways except ________.
Choose wisely. There is only one correct answer.
File bankruptcy. A consumer credit counseling agency generally would not help you file bankruptcy.
5.
One advantage of working with a consumer credit counseling agency is that it can prevent bankruptcy from appearing on your credit record.
Choose wisely. There is only one correct answer.
True. Preventing the appearance of bankruptcy on your credit record is the biggest advantage of working with a consumer credit counseling agency.