Peachtree Debt Relief Multiple Question Test - Nate Truong | Biblioteka

1

What is debt settlement?

Borrowing money to pay off debts

Negotiating with creditors to reduce the amount owed

Investing in assets to increase wealth

None of the above

1

Mortgage

Federal Student Loans

Credit card debt

All of the above

1

Has no impact on credit score

As the debt is paid off. Credit score will naturally recover

It depends on the individual's financial situation

Credit score will never go back up

1

A company that lends money to individuals to pay off debts

A company that negotiates with creditors on behalf of individuals

A company that offers financial counseling services

A goverment agency that assists with debt relief

1

Debt consolidation Loan

Bankruptcy

Credit Counseling

All of the above

1

Completely eliminate debt

Reduce the amount owed

Improve credit score

All of the above

1

Debt consolidation loan combines multiple debts into one loan, while debt settlement negotiates to reduce the amount owed

Debt settlement involves paying off debt over time, while debt consolidation loan involves paying off debts immediately

Debt settlement improves credit score, while debt consolidation loan decreases credit score

Debt settlement requires collateral, while debt consolidation loan does not