What happens when you pay minimum payments on credit purchases?
A) It can take many years to pay back the original debt, but you will never have to pay more than the original amount borrowed.
B) The credit card company eventually sends the bill to a collections agency that will help you finish paying off the original debt.
C) It will take many years to pay back the original debt, and in the meantime, the interest paid will far exceed the original amount borrowed.
D) The credit card company will eventually forgive the purchase and allow you to stop making payments.
E) Eventually, you will have to sell the item and use the proceeds to pay it off.
Correct Answer:
Verified
Q31: In regard to budgeting, if you want
Q32: Noreen has created a budget to track
Q33: Wes works at an office where everyone
Q34: One of the cornerstones of your financial
Q35: Which scenario is an example of a
Q37: Which aspect of credit cards allows the
Q38: What statement is TRUE regarding credit card
Q39: Reynaldo has been a credit card user
Q40: Which statement is TRUE regarding using a
Q41: Serena has a student loan to help
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents