Credit

The average U.S. household carries more than $8,000 in debt.

• True

• False

In the 1970s, there were about 20 million credit cards in circulation, about thirty years later that number skyrocketed to 1.3 billion

• True

• False

If someone steals your debit card and buys a trip to Vegas with it, you can work with your bank to get your money back – but it takes more time than you might have to complete the process.

• True

• False

The APR is your adjustable percentage rate or the interest rate your credit card company charges you

• True

• False

If you default on one credit card, your other credit card companies will know and could raise your interest rates.

• True

• False

Credit card companies can change your interest rate _____.

• a. but they rarely do

• b. whenever they feel like it

• c. once every calendar year

If my credit card company does change my interest rate, they must _____

• a. ask my permission

• b. first reach me on the phone

• c. give me fifteen days written notice

When paying off multiple credit card bills, you should rank them and pay them in order of _____, and pay off the card at the top of the list in full first.

• a. lowest-to-highest annual percentage rate (APR)

• b. highest-to-lowest APR

• c. largest balance

Which of these answers does not belong? _

• a. Equifax

• b. Experian

• c. Transunion

• d. Trans-Pacific

The least amount that must be paid on a credit card each month is

• Late Fee
• Credit Limit
• Payment amount
• Minimum Payment

Tags

CCSS.7.RP.A.3