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The Ultimate Racking Up Debt Quiz
by Staff
Debt has become a household term in recent years. It's something most Americans live with, whether regarding student loans, credit card debt or steep mortgage payments. Learn all about one of the biggest growing concerns in America by taking this quiz.

According to a 2010 Gallup survey, what are the two top concerns of Americans?

  • terrorism and government debt
  • government debt and home foreclosure
  • terrorism and credit card debt

What is a big contributor to household debt?

  • lack of familial communication
  • not planning for emergencies
  • spending too much on the children

What habit is increasingly becoming a financial drain on families?

  • smoking
  • drinking
  • gambling

Each generation, the percent of savings that people accumulate lowers by ____ percent

  • 5
  • 10
  • 15

Which age group has the second highest bankruptcy rate in the United States?

  • 18 to 34 years
  • 34 to 40 years
  • 40 to 46 years

Your debt should not exceed ________of your annual income.

  • 36 percent
  • 46 percent
  • 56 percent

In the past decade, what was a big culprit of accumulating debt?

  • being impulsive and jealous
  • reduced income but same expenses
  • both of the above

In 2010, how much credit card debt in the United States was left unpaid according to bank reports?

  • $1 billion dollars
  • $8 billion dollars
  • $18 billion dollars

What happens if you cannot make your mortgage payments?

  • You are immediately kicked out of your home.
  • You can continue living in your home during the lengthy foreclosure process.
  • The bank will hand over your account to a debt collector.

What happens to the debt owed on a foreclosed home?

  • You're no longer required to pay off this debt.
  • The debt is transferred to a debt collector.
  • The bank will seize all your money from your bank account.

What type of loan is not forgiven in bankruptcy?

  • student loan
  • car loan
  • both of the above

Since 2006, how much has the American federal government given out in student loans?

  • $100 billion
  • $200 billion
  • $300 billion

What has happened to the American housing market in recent years?

  • Many people owe more money on their home than their home is actually worth.
  • Many people are unable to pay their now steep monthly mortgage payments.
  • both of the above

What happens to your credit rating when you foreclose on your home?

  • Your credit rating remains sound.
  • Your credit rating is only mildly affected.
  • Your credit rating is tarnished for years.

What's wrong with just paying your minimum credit card payment each month?

  • You end up living beyond your means.
  • Credit card debt easily accumulates and becomes unmanageable.
  • both of the above