Credit Wise

What is a credit card agreement?

• A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

• A record of a person's use of credit over time.

• A contract that outlines the terms and conditions for using your credit card.

• A portion of the total cost of an item that must be paid at the time of purchase.

What does balance transfer refer to?

• A fee charged if your payment is received after the due date.

• Moving a balance from one credit card account to another.

• An increased interest rate that results from violating the terms of your credit card agreement.

• A legal process that relieves debtors of the responsibility of paying their debts.

What is a late payment fee?

• A portion of the total cost of an item that must be paid at the time of purchase.

• A fee charged if your payment is received after the due date.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

• A contract granting use or occupation of property during a specified time for a specified payment.

What is Penalty APR?

• A measurement of your outstanding debt divided by your total available credit.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

• An increased interest rate that results from violating the terms of your credit card agreement.

• A contract that outlines the terms and conditions for using your credit card.

What is bankruptcy?

• A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay.

• A record of a person's use of credit over time.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

• A contract granting use or occupation of property during a specified time for a specified payment.

What is the role of a credit bureau?

• A company that collects information about your credit history and sells it to lenders.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

• A portion of the total cost of an item that must be paid at the time of purchase.

• A contract granting use or occupation of property during a specified time for a specified payment.

What is a lease?

• A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

• A fee charged if your payment is received after the due date.

• A record of a person's use of credit over time.

• A contract granting use or occupation of property during a specified time for a specified payment.

What does Credit History represent?

• A record of a person's use of credit over time; your credit history plays an important role in determining your credit score.

• A contract that outlines the terms and conditions for using your credit card.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

• A portion of the total cost of an item that must be paid at the time of purchase.

What is Credit Utilization Rate?

• A measurement of your outstanding debt divided by your total available credit.

• A legal process that relieves debtors of the responsibility of paying their debts.

• A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

• A contract granting use or occupation of property during a specified time for a specified payment.

What is the debt snowball method?

• Finances are stressful, go play in the snow

• A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first

• pay off the highest balances first

• don't pay anything