Strategies in helping debt
The max amount of money a person can spend on their credit card
Credit Limit
A debit card is spending money directly out of your bank account. A credit card you owe the money spent. (Either answer is acceptable)
The best way to improve credit is to not pay at all
False
The interest free time period from paying a loan
Grace period
Overdraft Fees
What is your credit score?
Credit card companies make their money off of clients not paying on time
True
A credit card is not good for doing what?
Financing large loans
The max amount you should spend on your credit card if planning on paying in full each month
80%
Why is your credit score important?
Credit scores play major roles in any housing situation, future interest rates, as well as any financing situations. (Any of these are acceptable)
Credit is not needed to buy high expense things such as houses or renting apartments
False
If missing a payment you would most likely be required to pay what?
The max amount you should spend on your credit card if you don't plan on paying in full each month
20%
The safest way to improve your credit score
Taking out a secured credit with your bank or credit union
Banks are non profit organizations
False
Car companies who advertise free interest time periods often deceive their audience by making them believe what?
The benefits apply to everyone
The first step needed if you know your not going to be able to pay back your loan
Contact the bank or credit union the loan was taken out of
How many credit cards typically should one person have?
67% of Americans are under financial strain
True
This banking strategy can cause people to make late payments by failure to let them know what?