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Debt Problem Quiz

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Questions and Answers

Which of the following is a sign that you may have a debt problem?

You have a mortgage

You pay off your credit card bills in full each month

You have a high credit score

You spend more than 20% of your monthly income on consumer debt (correct)

What should you do if you find yourself in overwhelming debt?

Give up hope and stop making payments

Borrow from retirement accounts to pay off your debts

Call your creditors to discuss your options before missing a payment (correct)

Continue making only the minimum payment on your bills

What is the Debt Avalanche strategy?

Paying off the smallest loans first

Paying off the loans with the highest interest rates first (correct)

Paying off the loans with the lowest interest rates first

Paying off all loans at the same time

Which debt repayment method involves paying extra on your highest interest/small loans first and continuing to make the same high payment towards your remaining loans until they are all paid off?

Debt avalanche Signup and view all the answers

What is a caution to consider when thinking about debt consolidation?

You have to change your spending habits Signup and view all the answers

Which mistake should you avoid when paying down debt to protect your home?

Taking out a home equity loan Signup and view all the answers

What kinds of debt are not erased by filing for bankruptcy?

Student loans Signup and view all the answers

Debt Problem Quiz

Choose a study mode

Podcast

Questions and Answers

Which of the following is a sign that you may have a debt problem?

What should you do if you find yourself in overwhelming debt?

What is the Debt Avalanche strategy?

Which debt repayment method involves paying extra on your highest interest/small loans first and continuing to make the same high payment towards your remaining loans until they are all paid off?

What is a caution to consider when thinking about debt consolidation?

Which mistake should you avoid when paying down debt to protect your home?

What kinds of debt are not erased by filing for bankruptcy?

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