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Bonus – Understanding Debt – Part 4

Understanding Debt: Putting It All Together

How much do you now know about your debt and how to manage it? Take this short quiz and find out.

  1. Which of the following may be related to a lower credit rating:
    1. Higher interest rate for borrowing
    2. Lower credit limits
    3. Denial of future credit
    4. All of the above

  2. True or False: Paying the minimum monthly required payment on your credit card should always be your goal.
  3. Which is not a major category typically used to calculate your credit score?
    1. Payment history
    2. Accounts owed
    3. Credit mix (Home mortgage, car loan, credit cards)
    4. All are used

  4. True or False: You may obtain your credit score as part of your free annual report.
  5. There are two approaches to consider when prioritizing how to pay off debt. What are they?
  6. What is the important IF to remember when you use one of the recommended approaches to paying off debt?

If you didn’t do as well as you had hoped, or want a little extra guidance, contact MMBB Financial Services at 800.986.6222, and ask to speak to a Certified Financial Planner Professional. You may also reach us by email .