personal finance chapter five

borrowing from car dealers, appliances stores, and other retailers is relatively inexpensive its EXPENSIVE

false

consumer credit works because people by and large are dishonest and irresponsible they are honest and responsible

false

credit unions rarely offer the same range of consumer loans that banks and other financial institutions do

false

most economists do not recognize consumer credit is a major force in the American economy THEY DO RECONGNIZE

false

the new bankruptcy law made it easier for consumers to file a chapter 7 bankruptcy ITS HARDER

false

with an open-end credit you pay back one time loans in a specified period of time in equal amounts CLOSED END

false

anyone overburdened by credit obligations can phone, write, or visit a cccs office CONSUMER CREDIT CONSULING SERVICE

true

consumer credit dates back to colonial time

true

credit is an arrangement to recieve cash, goods, or services now and pay for them in the future

true

if your credit application is denied the ECOA gives you the right to know the reasons. EQUAL CREDIT OPPOURTUNITY .

true

it is safer to use credit since charge accounts and credit cards let you shop and travel without carrying large amounts of cash

true

perhaps the greatest disadvantages of using credit is the temptation to overspend

true

the three most common type of closed end credit are installment sales credit, instalment cash credit, and single lump-sum credit

true

you may not be denied credit because you receive social security or public assistance

true

in the 5cs of credit capital refers to your assets or net worth

TRUE