HOW STUFF WORKS
QUIZZES

FOLLOW US
The Ultimate National Foundation for Debt Management Quiz
by Staff
Are you struggling with debts? Do you have dreams of buying a new home,= but you don't know how to go about it? The National Foundation for Debt Management (NFDM) may be able to help you. They offer a range of services to help you get your finances in order so that you can live the comfortable life you have dreamed of. If you think you know about the NFDM, see how you fare in this quiz.

What sort of organization is the National Foundation for Debt Management (NFDM)?

  • profit
  • non-profit
  • government-funded

What sort of education is provided by the NFDM?

  • money management
  • to give charity
  • to be kind

Who funds the NFDM?

  • the government
  • the people who learn their
  • creditors

What do you have to pay to become a member of the NFDM?

  • a monthly fee
  • a yearly fee
  • nothing

In what year was the NFDM founded?

  • 1989
  • 1999
  • 2009

How can a debt management program help you eliminate your debt?

  • They can pay your debt for you.
  • They can negotiate lower interest rates with your creditors.
  • They can help you win the lottery.

What sort of creditors does a debt management program generally work with?

  • secured creditors
  • unsecured creditors
  • preferential creditors

Once an agreement is reached between the debt management program and your creditor, what should you do?

  • Confirm the plan with your creditor.
  • Have a beer with your friends.
  • Look into buying a new property.

How often do you make a payment to the debt management program?

  • once a week
  • once a month
  • once a year

Once you join a debt management program, what usually happens to your accounts?

  • a bonus payment
  • they earn more interest
  • they will be closed

If you have a big debt to pay, how long might it take until your debt is paid off?

  • one month
  • one year
  • a few years

What does the Fair Isaac Corporation (FICO) Credit Score evaluate?

  • your credit worthiness
  • how quickly your debt will be paid
  • how much money you owe on your credit card

What should happen to your FICO score if you pay your debts off through your debt management program?

  • go down
  • improve
  • no change

If you want to buy a house and you have money saved and a good credit history, which of these NFDM programs is the one for you?

  • The Homebuyer's Express
  • The Homebuyer's Club
  • The Debt Management Program

Until what stage of the home-buying process can the NFDM help you?

  • until a mortgage is secured
  • until the mortgage is paid off
  • as long as there are any financial issues