Credit card math help comsumer math?

1: With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.

True

False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.

True

False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.

True

False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.

True

False

5: Accurate negative information can generally stay on your credit report for seven years, with certain exceptions.

True

False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.

True

False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)

True

False

8: In exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan - are always pre-approved by the FTC.

True

False

9: %26quot;Dead Man Walking%26quot; was an example of companies scamming citizens out of their social security benefits.

True

False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.

True

False

Credit card math help comsumer math?

1)True

2)True

3)True

4)True

5)True

6)True

7)

8)False

9)True

10)True

Credit card math help comsumer math?

Sounds like a quiz, or homework to me. Yes, they do allow you to spend money for goods that you do not have the cash for right now.

The information on rates can all be found in the tiny print on the back of statements and application forms. Get a magnifying glass and check one out!

For many people, a minimum payment will not even be evenly split between the principle and the interest due to such a high balance.

While not a true trap, it can become a rather hard climb to get out of if not used responsibly.

Consumers need to understand that it is not a free lunch.

The current credit situation is not usury, that is certain. Look at the history of borrowing money before the government stepped in and said that there were limits to the interest rate that a bank or company could charge.

Fiscal irresponsibility is the trap. People who do not budget or realistically look at their finances. They purchase things that they do not NEED.

As to the bankruptcy laws, these are changing pretty rapidly right now, so it might depend on where you live as to what applies.

I have not seen the movie, so cannot comment there.

Credit card fraud and bankruptcies cost us all lots of money each year. Remember, the companies are in it to make money, if they loose money, you get to pay higher fees or rates. If they do not pay the businesses and the stores suffer loss, then your prices at the store will go up.

Pretty logical set of questions.

k

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