Paying more than the minimum payment (or paying your balance in full) is beneficial because…
Managing Credit Bell Ringer 1

Flashcard
•
Financial Education
•
12th Grade
•
Hard
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8 questions
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1.
FLASHCARD QUESTION
Front
Back
You pay less interest overall
2.
FLASHCARD QUESTION
Front
If a person with multiple sources of debt has a goal of eliminating one or more of them in as little time as possible, which debt repayment strategy would be best? Options: High interest method, Snowball method, Stopping payments on all debts but one so you can pay that one off faster, Making the minimum payment
Back
Snowball method
3.
FLASHCARD QUESTION
Front
Which of the following is a type of secured debt in which the item you purchased might be seized if you fail to make payments?
Options: Auto loan, Credit card, Student loan, Personal loan
Back
Auto loan
4.
FLASHCARD QUESTION
Front
Which of these represents a potential consequence of neglecting to pay your federal student loans? Wages or tax refunds can be garnished, Passport revocation, Driver’s license suspension, Termination from your job
Back
Wages or tax refunds can be garnished
5.
FLASHCARD QUESTION
Front
Which best describes the Debt Snowball method for paying off debt? Options: Only make payments on your smallest debt first, then move on to your second smallest debt, and so on; Once your debt "snowballs" out of control, hire a certified credit counselor to help get your finances back on track; Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the highest balance; Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance.
Back
Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance.
6.
FLASHCARD QUESTION
Front
What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time? Options: Snowball method, Make minimum payments, High rate method, Consolidate multiple debts into one new loan
Back
High rate method
7.
FLASHCARD QUESTION
Front
Heather realized she has taken out too much debt and it has started to negatively impact her ability to budget. She has decided to pay off this debt in full as soon as possible. All of the following would be beneficial strategies EXCEPT…
Reducing spending by canceling some of her streaming subscriptions, Taking extra shifts at work to increase her income, Making more than the minimum required payment on her debt, Applying for another credit card to use in case she runs out of cash paying off her debt
Back
Applying for another credit card to use in case she runs out of cash paying off her debt
8.
FLASHCARD QUESTION
Front
Why is it important to have an emergency fund?
Back
To cover unexpected expenses without going into debt
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