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interest over time? what strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of a. Snowball method b. Make minimum payments C. High rate method d. Consolidate multiple debts into one new loan 8. Which of these represents a potential consequence of neglecting to pay your federal student loans or having a loan be sent to collections? a. Wages or tax refunds can be garnished b. Passport revocation C. Driver's license suspension d. Termination from your job 9. Which response best completes the sentence "It's best to begin establishing credit when you're young "? C. a. Accessing credit only becomes more expensive as you get older b. Negative marks on your credit report go away faster for younger borrowers Credit scores are free for anyone under the age of 25 d. You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card PART III: SHORT ANSWER 1. Jacob says "I heard that having no credit score is as bad or worse than having a low credit score." Explain why having no credit score is problematic, and the potential consequences of having no credit score. 2. Patricia knows she can request a free copy of her credit report each year, but now that she has it, she's not sure where to start. What would you say are the two most important things that Patricia should look for in her credit report? interest over time? what strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of a. Snowball method b. Make minimum payments C. High rate method d. Consolidate multiple debts into one new loan 8. Which of these represents a potential consequence of neglecting to pay your federal student loans or having a loan be sent to collections? a. Wages or tax refunds can be garnished b. Passport revocation C. Driver's license suspension d. Termination from your job 9. Which response best completes the sentence "It's best to begin establishing credit when you're young "? C. a. Accessing credit only becomes more expensive as you get older b. Negative marks on your credit report go away faster for younger borrowers Credit scores are free for anyone under the age of 25 d. You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card PART III: SHORT ANSWER 1. Jacob says "I heard that having no credit score is as bad or worse than having a low credit score." Explain why having no credit score is problematic, and the potential consequences of having no credit score. 2. Patricia knows she can request a free copy of her credit report each year, but now that she has it, she's not sure where to start. What would you say are the two most important things that Patricia should look for in her credit report?
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Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
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