Your Credit and Debt Management

The least amount that must be paid on a credit card each month is

• Minimum Payment
• Late Fee
• Credit Limit
• money time

Tags

CCSS.5.NBT.A.2

The credit company can charge interest if the credit card bill is not paid in full by the due date.

• True
• False

Tags

CCSS.7.RP.A.3

How can a cardholder avoid paying interest on a credit card?

• Pay the balance in full every month
  
• Pay the minimum payment after its due date
• Do not pay anything
• Pay the minimum balance every month

Only making the minimum payment on a credit card every month will:

• lower the amount total paid for the purchase
• take longer to pay off which will result in paying more interest, more money!
• pay off the credit card faster

Tags

CCSS.7.RP.A.3

Choose 2 advantages of credit card.

• Overspending without worry

• Easy and efficient payment method

• Does not require us to carry a lot of cash.

• Incur charges such as finance charges

Interest free period usually is ______ days from the statement date.

• 15

• 20

• 30

• 35

Tags

CCSS.7.RP.A.3

All of the following are part of a credit report EXCEPT:

• Spending Habits

• Loan Repayment

• Credit Limit Utilization

• Current Credit Inquiries

Failing to pay federal student loans may result in:

• Reduced student loan interest

• Higher credit score

• Tax refund garnishments

• Revocation of your degree

Establishing credit early can help with:

• Quick loan approvals

• Higher credit card limits

• Avoiding yearly credit checks

• Getting better interest rates

The main advantage of a secured credit card is:

• Higher spending limits

• Reduced annual fees

• Improving credit score

• Earning cashback rewards