Debt Snowball

In Dave's words, a borrower is a(n) _______ to the lender.

• asset

• slave

• benefactor

A card used to make purchases directly from your checking account.

• credit card

• social security card

• debit card

• green card

Which debt should you pay off first?

• one with the highest interest rate

• one with the highest balance

• one with the smallest interest rate

• one with the smallest balance

Which of the following would Dave recommend?

• co-signing a loan

• using Check Into Cash businesses

• consolidating debt

• none of these

You'd make Dave happy if you did which of the following?

• kept only one credit card for emergencies

• never made a car payment (because the car is already paid for)

• frequented a title pawn store

A long-term rental agreement is often called

• paradigm

• mortgage

• lease

• none of these

Which is NOT a reason credit card companies target students?

• they have lots of money

• they will likely keep their first credit card for life

• they will likely rack up balances

• they will likely make minimum payments

You have a loan with 60 days same as cash and you don't get it paid off in time. What happens?

• you have to extend the loan

• interest is paid on the extra number of days is takes to pay off the loan

• A higher interest rate is charged and charged retroactively

• you have to pay a penalty fee

If you pay with a card, you are likely to spend more money.

• True

• False

Jim has Sam co-sign a loan for him. Jim stops making payments. What happens?

• Jim becomes liable for the debt.

• Sam becomes responsible for the debt.

• Nothing

• None of the above