Keys to Financial Success Ch. 4
Which is true about the practice of marketing credit cards to teenagers?
Teens are the number one target of teh credit card companies in America today. Brand loyalty to your first card is incredible, so credit card companies work hard to wim you over first. Colleges are losing more students to credit card debt problems than to academic failure.
Payday lending and cash advance companies are aggressivley targeting which group of people?
The first debt in your debt snowball is the one with the highest interest rate.
a tax on the poor people who can’t do math
the typical millionaire drives a reliable, used car
most expensive way to finance a new car
first charge card in the US
a drop int he value of property
using equity in a home as collateral when borrowing money
home equity loan
combining separate debt payments into one single payment
you need credit in order to rent cars and check into hotels
mortgage loans where the interest rate is adjusted periodically
Baby step 2:
pay off all debt using the debt snowball
co signing is the way to go
why are teens a major target of credit card companies
the credit card companies want them to get into debt at an early age
what is not a myth?
78% of americans do not pay off their credit card balance every month
in what type of loan would you use your house as collateral
how is a debit card like a credit card
they both have a visa/mastercard logo, a debit card can be swiped and required your signature like a credit card
what is not true about making purchases with a credit card?
you send 12-18% less when using a credit card
a widely held, but mistaken belief
what is true about using credit?
when using credit, one spends more
why should you avoid lending money
the relationship changes, and often ends completely, the person borrowing the money is in bondage to you
payday lending, cash advance and title pawning loans cost the consumer:
400% more annually
the debt snowball
baby step 2
you pay debts in order from:
small to high
what isn’t true about debt consolidation
you end up saving money because you get a lower interest rate
living without debt in today’s society requires a paradigm shift
if 80% of millionaires are first generation rich, then one can conclude:
they started with nothing, did smart stuff, and become millionaires
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