Show:
Dangers of Debt
Consumer Awareness
Credit Bureaus
Collection Practices
Truth or Myth
100
Mortgage loan where the interest rate is adjusted periodically
What is ARM?
100
Advertising aimed at creating consumer awareness for a product
What is branding?
100
Experian, TransUnion, and Equifax are this type of business
What are credit bureaus?
100
Court action that allows a lender to take wages directly from a paycheck
What is garnishment?
100
The lottery and other forms of gambling will make you rich
What is a myth.
200
Using equity in a home as collateral when borrowing money
What is Home Equity Loan?
200
Buying a item without thinking about it first
What is impulse purchase?
200
Not giving out personal information is one way to avoid this
What is identity theft?
200
Another name for trained telemarketers
What is collectors?
200
Never take out more than a 15-year fixed-rate mortgage
Truth
300
The best type of mortgage, particularly if you are going to move in five to seven years
What is a fixed 15-year mortgage?
300
This phrase means "Buyer Beware"
What is caveat emptor?
300
The percent of total debt each creditor gets when you can't make minimum payments
What is pro rata?
300
What is delinquincy?
An overdue payment
300
You need to take out a credit card or car loan to build up your FICO score
Myth
400
You become responsible for a portion of the debt if the other person doesnt pay when you do this
What is co-signing a loan?
400
"Money spent here cannot be spent there" best explains this concept
What is opportunity cost?
400
This type of loan is not forgiven under a bankruptcy
What are student loans?
400
Cancels out most of a person's debt and allows creditors to get a designated share of any moeny that the person or debtor can afford
What is bankruptcy?
400
The bank requires a cosigner because the person isn't likely to pay.
Myth
500
Combining separate debt payments into one single payment
What is consolidation?
500
A car salesman uses this method to compete for your money
What is personal selling?
500
You should only send this type of letter to creditors in an extreme situation
What is a cease and desist letter?
500
This restricts calling times of collectors to the hours of 8:00 a.m. - 9:00 p.m.
What is the Federal Fair Debt Collections Practices Act?
500
Staying away from car payments by driving reliable used cars is the best way
Truth