This and That | Josh is Feeling Sensitive Today | Here Is Another Category | CWF 4 Life | Oh, You Think You Fancy? |
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What is debt?
This is money you have borrowed from a person or business
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What is "charity care"?
A term for health care provided for free or at reduced prices to low income patients
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What is credit?
This is the term for the ability to borrow money
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What is a creditor?
A person or company to whom money is owed.
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What is a dollar?
It's the equivalent of 100 pennies.
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What is debt-to-income ratio?
The total of your monthly debt divided by your monthly gross income.
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What is unsecured debt?
Examples of this include student loan debt, medical debt, and department store charge cards.
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What is deferment and/or forbearance?
It allows you to temporarily stop making your federal student loan payments or to temporarily reduce the amount you pay.
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What is secured debt?
Examples include home and auto loans
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Who is Abraham Lincoln?
He is the face of the $5 bill.
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What is secured debt?
Debt that has an asset attached to it
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What is the "snowball method"?
A debt reduction strategy, whereby one who owes on more than one account pays off the accounts starting with the smallest balances first, while paying the minimum payment on larger debts. When the smallest debt is paid in full, the money typically paid on that debt is then rolled into the next smallest balance.
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What is social security and/or VA benefits?
Specific income sources generally protected from wage garnishments to pay a debt against a private person or company
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What is a deposit advance loan?
Short term loans made by banks due at the time of the next deposit
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Who is Harriet Tubman?
She is scheduled to replace Andrew Jackson on the U.S. $20 bill.
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What is a payday loan?
Other terms for this are "cash advance" and "check loan"
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What is a payday loan?
A relatively small amount of money lent at a high rate of interest on the agreement that it will be repaid when the borrower receives their next paycheck.
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What is something a creditor may legally be entitled to against a debtor?
Examples include: garnishing wages, placing a lien against property, or moving to freeze funds within a bank account.
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What is medical debt?
In 2012, 41% of working age adults in America reported having trouble paying these bills.
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Who is Woodrow Wilson?
He was featured on the now retired $100,000 bill.
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What is the "highest interest rate method"?
A debt reduction strategy focusing first on eliminating the unsecured debt with the highest rate of interest, then moving to the next most expensive debt.
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What is a debt trap?
A situation where people take a loan and have to repeatedly make new loans to make the payment on the first loan
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What is the Fair Debt Collections Practices Act (FDCPA)?
This gives you the right to ask a debt collector to stop contacting you
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What is something that creditors are prohibited from doing in attempting to collect on debts?
Examples include: harassment, making false statements and claims, misrepresenting themselves, and threatening arrest, violence, or other actions prohibited by law.
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Who is Pocahontas?
($20 bill from 1865 to 1869)
She was the first non-mythical woman to appear on paper money in the United States.
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