Credit and Debt Review

A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit

• Gift Card

• Debit Card

• Credit Card

• Birthday Card

To maintain a good credit score you must

• Manage your debt wisely.

• Check your credit score every week.

• Have credit monitoring.

• Have many open credit cards.

Which is a positive reason for using a credit card to finance purchases?

• You will get charged high interest.

• Paying it off on time can help build your credit history.

• You won't have to budget for your credit card expenses.

• You'll be able to spend a lot of money without paying it back

An initial payment made when something is bought on credit

• Debt

• Down Payment

• Principal

• Interest

An installment loan that provides funds borrowers can use for college tuition, textbooks, or living expenses

• Personal Loan

• Auto Loan

• Mortgage

• Student Loan

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when

• Choosing a financial advisor

• Choosing a credit card

• Looking at your credit score

• Selecting a financial institution

What is a benefit of having a good credit score?

• Loan sharks will be less likely to bother you.

• You'll get accepted to better education institutions.

• You'll get more job offers.

• When you need a loan, you'll have more loan offers to pick from.

What is the process of evaluating a person's financial situation to determine their ability to repay debt?

• A) Credit Scoring

• B) Debt Review

• C) Credit Counseling

• D) Financial Planning

Which of the following is a potential outcome of a debt review process?

• A) Increased interest rates

• B) Debt consolidation

• C) Higher credit score

• D) More credit card offers

What is a common goal of both credit and debt review?

• A) To increase spending

• B) To reduce financial stress

• C) To acquire more loans

• D) To avoid paying taxes