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The following are the correct answers for the previous
worksheet. They are presented here for your information only. Once completed
reviewing them continue to the next unit by clicking next or continue at the
bottom of the page.
1. The
first step you should take when you realize that you are
having severe difficulties paying your credit card bills
is to:
a.
call an
attorney and file for bankruptcy.
Correct - b.
make a
list of all of your outstanding debts.
c.
call your
creditors.
d.
contact a
non-profit credit-counseling agency.
2. The
last step you should take when you realize that you are
having severe difficulties paying your credit card bills
is to:
Correct - a.
call an
attorney and file for bankruptcy.
b.
make a
list of all of your outstanding debts.
c.
call your
creditors.
d.
contact a
non-profit credit-counseling agency.
3. Which
of the following would not indicate that you are in
financial trouble:
Correct - a.
using 10%
of your income to make credit card payments.
b.
postponing
medical or dental appointments in order to make credit
payments.
c.
receiving
calls from creditors about overdue bills.
d.
buy necessities, such as groceries and gas, on
credit because you don’t have any money.
4.
Missed payments will stay on your credit history for:
a.
ten years
Correct - b.
seven
years
c.
six months
d.
they are
not recorded on your credit history until you miss three
consecutive payments, then they stay on for two years
5. Once
you are declared bankrupt:
a.
your
credit history is wiped clean and you start again with
no history.
Correct - b.
the
bankruptcy is placed on your credit history and remains
there for ten years.
c.
the
bankruptcy is placed on your credit history and remains
there for five years.
d.
you will
be blacklisted by the credit card companies and never be
able to get credit again.
6.
Non-profit credit counseling agencies:
Correct - a.
work with
you and your creditors to establish a repayment
schedule.
b.
offer low
interest loans to consolidate your debts.
c.
file for
bankruptcy on your behalf.
d.
offer advice on where to get credit if you are in
financial difficulties.
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