Credit Quizizz Practice

If a person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take?

• Notify a credit reporting agency in order to avoid a late fee.

• File for Bankruptcy

• Notify the credit card companies in order to negotiate a new payment plan.

• Don't do anything, it will be fine

What type of bankruptcies are personal

• Chapter 7

• Chapter 11

• Chapter 14

• Chapter 13

It is a corporate, it last for 10 years, and it is most flexible.

• Chapter 22

• Chapter 7

• Chapter 13

• Chapter 11

What is a grace period?

• The maximum amount of money a cardholder can charge

• The amount of time a cardholder has to pay the credit card balance without paying interest

• The amount of time to get more money to borrow

what affects credit score the most?

• Payment history

• Credit usage

• Length of credit history

• Credit mix and types

• Recent credit

What is usury?

• A creditor is charging an illegally high interest rate

• It requires creditors to furnish accurate and complete information to borrowers

• The total cost of credit, including interest and transaction fees

What are the credit Bureaus?

• Equifax, and Experian

• Equifax, Experian, and Transunion

• Equifax, and Transunion

• Experian, and Transunion

What is closed-end credit

• A loan where a total amount is set and the borrower can use any or the entire loan, repaying it over time

• A loan where the entire amount is loaned at the beginning and all repayment and interest must be repaid by a specific date

A credit system where payment for goods is made with fixed payments over a period of time

• Layaway

• Collateral

• Installment plan

• Conditions

What is one example of an unsecured debt?

• Credit cards and student loans

• Mortgages and car loans