CREDIT FINAL

Front

What should you do if you can’t pay your credit card bill?

Back

Call the credit card company to discuss payment options.

Front

What is the best way to use a credit card responsibly?

Back

Only buy things you can afford to pay back.

Front

Difference between secured and unsecured loans?

Back

Secured loans require collateral, while unsecured loans do not.

Front

Elliott renovates his home using a loan that requires him to sign over the title to his car if he doesn't pay as promised. What type of loan does Elliott have?

Back

Secured loan

Front

Which type of financial aid is considered free money? Options: Loans, Grants, Work-study, Scholarships

Back

Grants

Front

What is the main benefit of taking out a federal student loan instead of a private loan?

Back

Federal student loans offer lower interest rates and more flexible repayment options.

Front

What is the best way to stay out of debt?

Back

Spend only what you can afford and avoid using credit cards for unnecessary purchases.

Front

Which type of credit typically has the LOWEST interest rate? Options: Payday Loan, Auto Loan, Buy Now, Pay Later, Credit Cards, Mortgage

Back

Buy Now, Pay Later

Front

Ways to build your credit: Use a co-signer, Become an authorized user, Get credit for the bills you pay, Practice good credit habits, Use cash or debit and avoid credit.

Back

Use cash or debit and avoid credit.

Front

The average APR for a payday loan is closest to...

Back

400%