Lesson 62: Risks Associated With Credit
Video 1: Define Default, Foreclosure, Repossession, Overspending, Bankruptcy, Poor Credit Decisions
The following questions will be answered by watching Video 1.
1.) What does default mean?
2.) What is a debtor?
3.) What are the consequences of defaulting on a loan?
4.) What is a creditor?
5.) What does it mean to garnish wages?
6.) Define foreclosure:
7.) In order for a foreclosure to happen ___________ payments have to happen.
8.) At the end of the foreclosure process, the ownership of the house foreclosed goes back to the _____________.
9.) What is repossession?
10.) Why is it a big deal if your credit score goes down?
11.) Define overspending.
12.) What is bankruptcy?
13.) The type of bankruptcy you file determines how long it is on your ________ _______.
14.) According to the video, what are alternatives to bankruptcy?
15.) What are the two Good Credit Decisions stated at the end of the first video?
1.) What does default mean?
2.) What is a debtor?
3.) What are the consequences of defaulting on a loan?
4.) What is a creditor?
5.) What does it mean to garnish wages?
6.) Define foreclosure:
7.) In order for a foreclosure to happen ___________ payments have to happen.
8.) At the end of the foreclosure process, the ownership of the house foreclosed goes back to the _____________.
9.) What is repossession?
10.) Why is it a big deal if your credit score goes down?
11.) Define overspending.
12.) What is bankruptcy?
13.) The type of bankruptcy you file determines how long it is on your ________ _______.
14.) According to the video, what are alternatives to bankruptcy?
15.) What are the two Good Credit Decisions stated at the end of the first video?
Video 2: Discuss the pitfalls of failing to compare and evaluate interest rates, length of the loan
Video 3: Identify Instances When Issuers Can Close Accounts & Slash Credit Limits Without Advance Warning
