Welcome, visitor! [ Register | Login

Post an Ad

Test your knowledge about financial recovery

Debt-Credit Consolidation December 23, 2020

Test your knowledge about financial recovery

 

  1. If you are experiencing financial difficulties, what first steps should you take before developing a financial recovery plan? Select all that apply.
    1. Develop a spending plan
    2. File for bankruptcy
    3. c.     Track your spending
    4. d.     Assess your current financial situation

 

  1. Which of the following are ways you can increase your income without negatively impacting your financial future or financial recovery plan? Select all that apply.
    1. Take money out of your retirement or investment accounts to pay off debt
    2. Rent out an extra bedroom in your home
    3. Use your talents or hobby to make extra money
    4. Make sure you receive any tax credits for which you are entitled

 

  1. Which of the following are ways you can decrease your expenses without negatively impacting your financial future or financial recovery plan? Select all that apply.
    1. Buy items you want but do not need
    2. b.     Use local assistance programs to offset food, housing, and utility costs
    3. c.     Eat out at restaurants less frequently  
    4. Sell assets (e.g., an extra vehicle, furniture, or jewelry)

 

  1. When prioritizing your expenses, which of the following expenses should you pay first?
    1. a.     Your basic necessities (e.g., mortgage/rent, food, utilities, transportation)
    2. Credit card bills
    3. Collection agency bills
    4. Other expenses or loans (e.g., medical bills, education loans, personal expenses)

 

  1. Which of the following actions can help you build your credit and prevent future financial setbacks?
    1. Save money
    2. Review your credit report and correct any errors
    3. Work with your creditors when you cannot make your payment
    4. Ask for assistance when needed
    5. e.     All of the above

 

 

  1. Select all that apply. You can guard against credit repair scams by:
    1. a.     Avoiding companies that ask for payment before services are provided
    2. b.     Checking for complaints filed against the credit repair company with your local Better Business Bureau
    3. Avoiding organizations that tell you your rights and ways you can repair your own credit
    4. d.     Avoiding companies that advertise fast and easy credit repair solutions

 

  1. How frequently should you review and adjust your financial recovery plan?
    1. Every month
    2. Every six months
    3. Every 12 months
    4. d.     As needed, but at least every 12 months

 

 

No Tags

330 total views, 1 today

  

  • Debt Collectors -Recovery Services - PA & VA

    by on February 24, 2021 - 0 Comments

    Entity Address Telephone Monarch Recovery Management, Inc. 10965 Decatur Road, Philadelphia, PA, 19154 (215) 281-7500 Monarch Recovery Management, Inc. 9350 Ashton Road, Suite 101, Philadelphia, PA, 19114 (215) 281-7500 Central Credit Services, Inc. Five Neshaminy Interplex, Suite 117, Trevose, PA, 19053 (215) 333-2272 Tate & Kirlin Associates, Inc. 2810 Southampton Road, Philadelphia, PA, 19154 (215) […]

  • Credit Counseling Agencies :EASTERN DISTRICT OF NORTH CAROLINA

    by on February 1, 2021 - 0 Comments

    Alliance Credit Counseling, Inc. 13777 Ballantyne Corporate Place, Ste.100 Charlotte, NC  28277-3433 Phone:  888-594-9596 Fax: 704-943-0313 Email:  kevin@knowdebt.org Website:  www.acc.consumerbkcenter.com, www.crisishelp.org, www.knowdebt.org Debt Management/Credit Counseling All Names Used: Alliance Credit Counseling, Inc., AAAlliance Credit Counseling, Inc., AAA Alliance Credit Counseling, Inc.  Addresses: 15720 John J. Delaney Dr., Ste.100, Charlotte, N.C. 28277, 7621 Little Avenue, #100, […]

  • How to calculate Monthly Income and Expenses - Case study

    by on January 25, 2021 - 0 Comments

    Monthly Income and Expenses   Once you know your monthly expenses, you can use a Monthly Income and Expense Worksheet (similar to the one on page 8 of your Participant Guide), a money management software program, or an online budgeting worksheet to determine: How much money you have coming in (income) How much is going […]

  • 5 Tips for Getting the Most From Your Credit Card

    by on March 9, 2021 - 0 Comments

    Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your […]

  • Seeing Through Stimulus Scams

    by on January 22, 2021 - 0 Comments

    Seeing Through Stimulus Scams With talk of stimulus plans ruling the news, it’s no surprise a new round of stimulus scams are afoot. Here’s how it goes: An email, online ad, or website says you’re eligible to get an economic stimulus payment. You just have to send back a form or submit one online to […]