Dangers Of Debt
Consumer Awareness
Credit Bureaus and Collection Processes
True or False
Misc.
100
A loan using your home as collateral
What is a Home Equity Loan
100
The minimum time you should wait to make a major purpose.
What is overnight
100
I love debt score
What is FICO score
100
TRUE or False There are 5 major components of a FICO score -Debt history -Debt levels -Time in Debt -New Debt -Type of Debt
What is True
100
Cable Television, New Cell Phone, Fancy Car HINT: WANT OR NEED?
What is Wants
200
Taking responsibility for someone else's loan
What is co-signing
200
The average amount of money spent considered to be a significant purchase
What is $300
200
Using another person's information to obtain goods or services.
What is fraud or identity theft
200
True or False The only information that may be legally removed from a credit report is incorrect information
What is true
200
Utilities, Food, Housing, and some for of Transportation HINT: WANT OR NEED?
What is Needs
300
Long term rental agreement
What is leasing
300
Emotionally driven purchase without time to consider
What is Impulse Purchase
300
Income after necessities
What is disposable income
300
True or False Account information is removed from your credit report 15 years after the last activity on the account
What is false Account information is removed from your credit report 7 years after last activity and 10 years in the case of Chapter 7 bankruptcy
300
The period of time you must wait between claiming a free credit report. According to the Fair Credit Reporting Act
What is 1 year
400
Combining debt into one payment
What is debt consolidation
400
0% Financing for 90 days that usually converts to a 24% APR
What is 90 days same as cash
400
Court order allowing a lender to take money directly from the debtor's paycheck.
What is garnishment
400
TRUE or False You must build up your credit score in order to get a loan.
What is False
400
Another name for a cash flow plan
What is a budget
500
Mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indexes
What is (ARM) Adjustable Rate Mortgage
500
Known as Buyer Beware
Caveat Emptor
500
The three Nationwide credit bureaus
What/Who is Experian, Equifax, and Transunion
500
Leasing is the smartest way to buy a car
What is false
500
Proportional plan used to divide disposable income up to pay your creditors
What is a pro rata plan
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