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Exam 6: Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

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Question 1

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If you declare bankruptcy,you do not have to pay alimony,child support,or educational loans.

A) True
B) False

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False

Question 2

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If you are having trouble paying your bills,turn to a company that claims to offer assistance in solving debt problems.

A) True
B) False

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During the last decade,the personal bankruptcy rate has increased almost 8 percent annually.

In a bankruptcy,a trustee

The Annual Percentage Rate is the percentage cost of credit on a yearly basis.

With a larger down payment,you'll probably pay a higher interest rate on your loan.

What can you do if you are unable to meet your credit obligations?

What are the major sources of consumer credit?

There is never a charge for any service provided by a credit counsellor.

The consumer credit laws require that an advance notice be given before repossessing a car.

The consumer proposal is a maximum five-year plan for paying creditors all or apportion of the total debt owed.

Using parents or family members as lenders is the most risky type of loan method.

By evaluating your credit options,you can reduce your finance charges.

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

What are two key concepts to keep in mind as you shop for credit?

An increasing number of bankruptcy filers are well-educated middle-class baby boomers.

Creditors use the same system to calculate the balance on which they assess finance charges.

If creditors add finance charges after subtracting payments made during the billing period,this is called the

Banks often encourage you to make the maximum payment.

The most commonly purchased type of credit insurance is