Debt Management | Baamboozle - Baamboozle | The Most Fun Classroom Games!

English 10 Public

NGPF 5.0

Study Slideshow

What percent of adults have carried credit card debt in the past year?

10%

100%

50%

40%

15

If you’re using the Snowball Method, which debt do you focus on first after you’ve made all of your minimum payments?

Lowest balance

Highest balance

Highest interest rate

Lowest interest rate

15

If you’re using the High Rate Method, which debt do you focus on first after you’ve made all of your minimum payments?

Highest balance

Lowest interest rate

Highest Interest Rate

Lowest balance

15

If the High Rate Method makes the most mathematical sense, why would anyone use the Snowball Method instead?

It increases the number of monthly payments you need to make

It saves more money in interest

It increases the number of debts you have to repay

Paying off any debt in full feels good and motivates you

15

Paying more than the minimum payment (or paying your balance in full) is beneficial because…

You pay less interest overall

You get a discount on future purchases made with credit

It lowers your interest rate

The lender can’t penalize you for future late payments

15

If a person with multiple sources of debt has a goal of eliminating one or more of them in as little time as possible, which debt repayment strategy would be best?

High interest method

Snowball method

Making the minimum payment

Stopping payments on all debts but one so you can pay that o

15

Which of the following is a type of secured debt in which the item you purchased might be seized if you fail to make payments?

Credit card

Auto loan

Student loan

Personal loan

15

Which one of these is NOT a strategy for paying down debt?

cut unnecessary spending

use credit cards for everything

make a financial inventory

pay more than the minimum

15

Getting out of debt is easy

False

True

15

Budgeting can help you pay off your debt faster, and it can also make you more financially secure.

False

True

15