Econ Credit/debit test

Which item is important to consider when selecting a credit card?

Both APR and fees

Benefits to paying the full balance of your credit card each month include:

Not having late fees

When looking for pre-approval on a car loan you should NOT...

get a loan from the car dealer directly to keep things simple.

Credit cards can help _____________ when paid off on time regularly.

build credit history

The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.

it requires collateral.

To maintain a good credit score you must ______.

manage your debt wisely.

Going directly to a car dealer for a loan to keep things simple is a...

not great because they typically offer higher interest rates.

Paying only the minimum balance on your credit card can lead to...

paying more interest.

Which of the following is NOT a recommended method to protect you from identity theft?

Expensive specialty locking or monitoring service.

Having a great credit score will make it easier for you to get into a better educational institution.

FALSE

Recommended methods to protect yourself from identity theft and fraud include_______.

Placing a credit freeze with the credit bureaus.

What is a benefit of having a good credit score?

When you need a loan, you'll have more loan offers to pick from.

What is NOT a benefit of having a good credit score?

You'll get accepted to better education institutions.

What could be a good option available to you if you are behind on loan payments?

A financial institution may offer for you to pay a little now and pay the rest after your next pay day.