Consumer Rights and Bankruptcy Concepts

Which act gives consumers the right to cancel a card before an interest rate increase?

• Fair Credit Reporting Act

• Credit Card Accountability and Responsibility and Disclosure Act

• Consumer Credit Protection Act

• Truth in Lending Act

Which of the following is NOT a reason for discrimination prohibited by the ECOA?

• Race

• Color

• Height

• Religion

What might you need to do if you are in financial trouble?

• Save more money

• Borrow money to pay bills

• Invest in stocks

• Increase your credit limit

Debt collectors are not allowed to threaten consumers with what?

• Violence

• Discounts

• Legal advice

• Free services

Which type of bankruptcy is typically used by individuals with a regular income?

• Chapter 7

• Chapter 13

• Chapter 11

• Chapter 9

Which of the following is NOT typically protected in straight bankruptcy?

• Home

• Car

• Social security

• Luxury yacht

What is a consequence of bankruptcy on interest rates?

• Interest rates are unaffected

• Interest rates decrease

• Interest rates increase

• Interest rates are fixed

What is the duration bankruptcy affects your credit report?

• 3 years

• 7 years

• 10 years

• 12 years

Which is a responsibility that you have to your creditor?

• Pay off the balance in full each month

• Make payments on time

• Shop around for the best deals

• All answers are correct

Which is a responsibility that your creditor has to you?

• Inform you about rules and regulations

• Use reasonable means of contacting you

• Set reasonable guidelines for credit use

• All answers are correct.