Wk 16 Exit Ticket 5.5 & 5.6

Apply for a new credit card to transfer balances and pay off other debts.

Ignore the notices and hope the creditors stop contacting them.

Take out a payday loan to cover immediate expenses.

Create a budget to prioritize paying off the most critical debts first.

To reduce the total amount of debt owed.

To eliminate the need for paying interest on existing debts.

To avoid making monthly payments altogether.

To combine multiple debts into one loan with a single payment.

Access to credit can vary based on income, credit history, and employment status.

Creditworthiness is often evaluated using credit scores calculated by credit bureaus.

Lenders may impose different interest rates based on the borrower’s credit risk.

Everyone in the United States is guaranteed equal access to all types of credit.

A debt with a fixed interest rate and monthly payments.

A debt that is secured by collateral, such as a house or car.

A debt that cannot be collected by creditors.

A debt used to purchase items that do not provide long-term value or financial benefit.

Chapter 7 bankruptcy is only available to businesses, not individuals.

Chapter 7 bankruptcy requires a repayment plan to be approved by creditors.

Chapter 7 bankruptcy allows a debtor to discharge most unsecured debts without a repayment plan.

Chapter 7 bankruptcy completely eliminates all debts, including student loans.