Money
Ed
Unit 1
Unit 2
Unit 3
Unit 4
Quiz
Debt Management Options
Section Quiz
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If you are struggling to pay your bills it is best to:
a. Formulate a written budget
b. Contact your credit union for help
c. Contact a non-profit credit counseling agency
d. all of the above
Which of the following is NOT a debt management option?
a. Working with a third party debt settlement company
b. Obtaining a debt consolidation loan
c. Ignoring monthly statements if you know you can't make the payment
d. Working with a non-profit debt management organization
When formulating a budget you should list:
a. Income from all sources
b. All fixed expenses
c. All variable expenses
d. all of the above
The Fair Debt Collection Practices Act dictates which of the following:
a. The amount of interest a creditor may charge
b. How many collection agencies may purchase your debt
c. How and when a debt collector may contact you
d. How many mailed correspondences are sent regarding the debt
The following are all examples of secured debts except:
a. Auto loan
b. Medical bills
c. Mortgage
d. Recreational vehicle loan
Which of the following is an option to negotiate reductions on balances owed by paying a lump sum payment:
a. Chapter 7 Bankruptcy
b. Chapter 10 Bankruptcy
c. Debt Settlement
d. Debt consolidation
Personal bankruptcy does not usually erase which of the following:
a. Medical bills
b. Alimony
c. Credit cards
d. Collection bills
What are some of the benefits of a debt management plan through a credit counseling service?
a. Low interest rates
b. One monthly payment
c. Debts are paid off in 3-5 years
d. all of the above
If you start to fall behind on your payments which of the following options should you do?
a. Consult a credit counseling service
b. Contact your creditors and lenders
c. Complete a realistic budget
d. all of the above
Any company that assists you with managing your debt should:
a. Tell you all of the fees associated with their program
b. Review your financial situation before recommending a program
c. Provide you with free information about their services before requiring any personal information from you
d. all of the above