Get Good with Money Chapters 4-6

What is the first suggestion to pay down debt?

• Identify your debt

• Restructure your debt

• Choose a pay down plan

• Automate the pay down plan

You can call your credit card company to see if they will negotiate a lower interest rate

• True

• False

The first line of defense to pay off debt...

• Refinance your home

• Get a personal loan from a credit union

• Do a balance transfer to a credit card with a temporary high interest rate

Debt free= Wealth

• True

• False

What does "UM" stand for?

• ummm, get somebody else to do it besides ME!

• Universal Money

• Unexpected Money

• Unified Monetary Credit

It is never okay to completely pay off a credit card

• True

• False

• It depends

Which credit score is the best?

• 670-739

• 800-850

• 1,000-1,150

• 1,906-1,908

IF you choose to cosign for a trusted friend, what steps should you take to protect your credit?

• The borrower should sell or pay off the loan

• You should apply for a cosigner release when the borrower is in good standing with the loan

• Have the borrower refinance the loan in their own name