1. Making the minimum payment on a credit card bill each month

will improve your credit score.

ensures that late payment penalties will not be imposed.

ensures that the balance will be repaid in the minimum time period.

will not significantly reduce the overall debt.

2. A person who agrees to take responsibility for the repayment of a loan if the primary borrower defaults are known as a

cosigner.

benefactor.

guarantor.

mentor.

3. When you know that you cannot meet your debt obligations, you should

not contact your creditors because it will adversely affect your credit report.

use alternative lenders such as payday lenders.

contact your creditors directly to explain the situation.

declare bankruptcy as soon as possible.

4. Bankruptcy appears on your credit report ____ and may affect your ability to obtain _____.

forever; any credit

for 10 years; any credit

forever; a mortgage

for 7 years; a mortgage