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LET’S PRACTICE
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14. T F Some credit card networks have lower interest rates and better benefits, on average, than others. 15. If your credit card company is going to raise your interest rate, charge additional fees, or make other significant changes to your account which are not based on your default, it must notify you at least ____ days before the changes take effect. a. 10 c. 60 b. there is no time requirement d. 45 16. On average, interest rates for lines of credit are __________________. PRODUCT PREVIEW a. not affected by the user’s credit score b. lower than interest rates on mortgages c. lower than interest rates on credit cards d. higher than interest rates on credit cards 17. Leon is having trouble making his credit card payments. He doesn’t want to default, so he is making payments, but they are inconsistent, sometimes late, and less than the minimum payment due. What possible fees and penalties does he face? What’s your advice? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 18. In total, Americans have _____ of outstanding credit card debt. a. $953 billion c. $2 trillion b. $4 trillion d. $378 billion 19. T F In addition to interest, credit cards charge fees. 20. All of the important information about the status of your credit card including balances, charges, payments, payment due dates, interest rate changes and how the APRs have been applied, can be found in the _________________________. a. back of the card c. disclosure agreement b. billing statement d. warranty
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SCORE: ____ / 26 PTS
Chapter 13 | Credit Card Craze 262
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