Credit Tools
TRUE
FALSE
QUESTION
1. In 1999, American families charged an average of $1,067 on their credit cards.
2. During the Holidays, Visa credit cards are used about 1,000 times a minute.
3. Credit Bureaus approve applications for credit.
4. Anyone can get a copy of your credit report.
5. The interest rate is the best indicator of what a loan will cost.
6. If a person cosigns a loan for a friend, then that person is responsible for repaying the loan if the friend defaults.
7. The owner of a credit card that is lost or stolen is legally exempt of responsibility for any unauthorized charges.
8. It is cheaper to withdraw money from an ATM with a debit card that with a credit card.
9. It will take approximately eight years to pay off a $1,000 balance if you only pay the minimum payments.
10. Failure to pay credit card bills on time can cause you to be denied mortgages and car loans.
11. Angry creditors can harrass you and tell your boss if you owe them money.
12. Creditors can blemish your credit record for seven years if you owe them money.
13. If a bank repossesses your car and sells it, you may still owe them money.
14. Over 1 million people claimed bankruptcy in 1996.
15. Bankruptcy wipes out debts such as student loans, taxes and child support.
16. In Roman times, if you defaulted on a loan, you were sold into slavery.
17. Bankruptcy stays on your credit report for 5 years.
18. It is impossible to re-establish credit for yourself if you have bad credit.