• 1

  All debt is very similar. You borrow an amount, get charged interest, and then need to pay it back.

       TRUE

       FALSE

  

• 2

  The fine print is just legal jargon - I can ignore it.

       TRUE

       FALSE

  

• 3

  Expensive debt is debt with high interest rates.

       TRUE

       FALSE

  

• 4

  The riskier the bank considers you to be as a borrower, the higher the interest rate they will charge you.

       TRUE

       FALSE

  

• 5

  The more often the compounding frequency, the faster your debt will increase and the worse off you'll be.

       TRUE

       FALSE

  

• 6

  Secured debt means you have a pre payment plan from the beginning.

       TRUE

       FALSE

  

• 7

  A basis point is .01%. 200 basis points = 2%

       TRUE

       FALSE

  

• 8

  In the short-term when you take out debt, you'll have more money in your account, so you can loosen your budget a bit!

       TRUE

       FALSE

  

• 9

  If you have too much debt, it can impact other areas of your life, like getting approved for a mortgage.

       TRUE

       FALSE

  

• 10

  If we don't think about or worry about our debts, we can avoid the mental strain of being in debt and avoid stress.

       TRUE

       FALSE

  

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