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Eye On the Money: Test Your Debt Knowledge
by Staff
Debt can be a complex problem, between managing your interest rates, knowing your rights and sticking to your payment plans. Take the debt quiz to see just how much you know about paying off that debt.

Which of the following would be considered "good debt"?

  • credit card debt
  • a mortgage
  • cash advance loan

If you have a revolving credit account, credit card companies prefer that you:

  • pay your entire balance to them every month
  • pay most of your balance off every month
  • pay only the minimum payment to them every month

What does it mean for debt to be unsecured?

  • debt under a consolidation loan
  • debt that a company believes is unlikely to be paid back
  • debt not backed by collateral

Which of the following is NOT a benefit of debt settlement?

  • It will eliminate your debt.
  • You can pay less than what you owe.
  • It won't hurt your credit.

Which of the following is NOT a likely benefit of consolidating your loans?

  • It will get you a lower interest rate.
  • It will get you out of debt faster.
  • It will simplify your debt payments.

Under the Fair Debt Collection Practices Act (FDCPA), which of the following is a debt collector allowed to do?

  • threaten to sue you
  • send you a postcard
  • sue you

Which of the following should be considered a last resort to debt problems?

  • bankruptcy
  • debt settlement
  • debt consolidation loan

What is the maximum number of years bankruptcy can stay on your credit report?

  • 5 years
  • 7 years
  • 10 years

If debt collectors start to pursue old debt that has expired due to the statute of limitations, it is referred to as:

  • buried debt
  • dead debt
  • zombie debt

What's the most common kind of personal bankruptcy?

  • Chapter 9
  • Chapter 11
  • Chapter 13