Credit Card Usage Quiz
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Questions and Answers

What mistake do many Americans make when it comes to credit card debt?

  • They carry a balance from month to month, making only minimum payments. (correct)
  • They pay off their full balance every month.
  • They never check their credit card statements.
  • They avoid using credit cards altogether.

    • What happens if you don't pay off the full credit card balance every month?

  • You will get a discount on your next month's bill.
  • You will incur interest on the remaining balance. (correct)
  • You will not be able to make any additional purchases.
  • You won't owe any interest.

    • What impact can carrying a credit card balance from month to month combined with high interest rates have?

  • It will have no impact on your credit score.
  • It can hinder your ability to create a secure financial future. (correct)
  • It can lead to a secure financial future.
  • It will decrease your credit limit.

    • What is the simplest way mentioned in the text to avoid credit card debt altogether?

    <p>Not using a credit card at all</p> Signup and view all the answers

    What is a credit card?

    <p>A form of payment that allows you to take out a loan from the credit card issuer</p> Signup and view all the answers

    How is credit card debt typically calculated?

    <p>In monthly cycles</p> Signup and view all the answers

    What happens when you pay with a credit card?

    <p>You are taking out a short-term loan from the credit card issuer</p> Signup and view all the answers

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