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